Renesas Electronics Corporation, a premier supplier of advanced semiconductor solutions, has announced that, as of March 14, 2018, Innovation Network Corporation of Japan (“INCJ”), will no longer be a controlling shareholder of Renesas. Further details are as follows:
- Events leading up to the change
In September 2013, when Renesas implemented a share issue through third-party allotment to INCJ and others. As a result of this third-party share allotment, INCJ came to hold 69.16 per cent of the voting rights of Renesas, thus becoming both Renesas’ largest major shareholder, and the only controlling shareholder other than parent company. In June 2017, INCJ and others sold a portion of their Renesas common shares to investors in Japan and abroad. As a result, the percentage of voting rights held by INCJ decreased to 50.10 per cent.
Renesas received notice from INCJ that it sold 75,026,425 common shares of Renesas to Denso Corporation (“Denso”) today through a direct off-market sale. Denso previously held 0.50 per cent of the voting rights in Renesas and, following the closing of this transaction, Denso will hold 5.00 per cent of the voting rights in Renesas. INCJ, the largest major shareholder of Renesas, will cease to be the only controlling shareholder other than parent company and will be categorised as other related company.
- Date of change
March 14, 2018
- Outline of INCJ
|(1)||Name||Innovation Network Corporation of Japan (INCJ)|
|(2)||Location||1-4-1 Marunouchi, Chiyoda-ku, Tokyo, Japan|
|(3)||Names and titles of representatives||Chairman and CEO: Toshiyuki Shiga
President and COO: Mikihide Katsumata
|(4)||Main Business||Support of specific business activities as specified under the Act on Special Measures for Industrial Revitalization|
|(5)||Amount of capital||300,010 million yen (as of March 31, 2017)|
|(6)||Established||July 17, 2008|
|(7)||Net assets||1,100,925 million yen (as of March 31, 2017)|
|(8)||Total assets||1,852,158 million yen (as of March 31, 2017)|
|(9)||Major shareholders and percentage of shares held||(As of March 31, 2017)
|(10)||Relationship between Renesas and INCJ||Capital relationship||INCJ owns 835,228,200 common shares of Renesas (stock ownership ratio: 50.10%) and is a controlling shareholder. (As of March 8, 2018)|
|Personal relationship||Two persons affiliated with INCJ serve as Outside Members of the Board of Renesas, and one person affiliated with INCJ serves as a Corporate Auditor (part time) of Renesas. (As of March 8, 2018)|
|Business relationship||There is no notable business relationship between Renesas and INCJ. Furthermore, there are no notable business relationships between affiliates and affiliated companies of Renesas and affiliates and affiliated companies of INCJ.|
- Number and percentage of the voting rights held by INCJ before and after the change
|Category||Number of voting rights held
(Percentage of voting rights held)
|Voting rights directly held||Voting rights to be combined||Total|
|Before the change (as of March 8, 2018)||· Controlling shareholder other than parent company
· Largest major shareholders
|After the change (scheduled for March 14, 2018)||· Other related company
· Largest major shareholder
(Note) The percentage of voting rights held are rounded off to two decimal places.
- Financial outlook
The above-mentioned change in Renesas’ controlling shareholder will have no impact on Renesas Group’s business results.