| Company name: |
Iino Kaiun Kaisha, Ltd. |
| Head office: |
2-1-1 Uchisaiwai-cho, Chiyoda-ku, Tokyo |
| Company code: |
9119 |
| Stock exchange(s): |
First Section of the Tokyo, Osaka and Nagoya Stock Exchanges; Fukuoka and Sapporo Stock Exchanges |
| Contact: |
Yoshihiko Nakagami, Head of General Affairs and Planning Group |
| Tel |
81-3-3506-3029 | |
| 1. |
Reason for the disposal (use of funds)
Disposal of treasury stock is made to facilitate the enhancement of relationships with The Kyoei Fire and Marine Insurance Company Ltd. Proceeds from the sale of treasury stock will be used as working capital.
|
| 2. |
Details of the treasury stock sold
|
| (1) |
Type of shares: |
Shares of common stock of Iino Kaiun Kaisha, Ltd. |
| |
|
| (2) |
Total number of shares sold: |
843,000 shares |
| |
|
| (3) |
Price: |
425yen per share * |
| * Average of the closing prices of the Company's common stock on the Tokyo Stock Exchange between January 7, 2004 and February 6, 2004. Fractions less than 1.00yen shall be rounded down to the nearest yen. |
| |
| (4) |
Counterparty: |
Sold to The Kyoei Fire and Marine Insurance Company Ltd |
| 3. |
Schedule of disposal
|
| (1) |
Time schedule
February 10, 2004 (Tuesday): Public announcement of resolution of the Board of Directors concerning the disposal of treasury stock
February 25, 2004 (Wednesday): Payment date |
| |
|
| (2) |
Number of treasury stock held by the Company after the disposal: 1,407,000 shares *
* Excludes shares purchased from existing shareholders based on their request regarding odd-lot shares held by them. |
| 4. |
Information regarding the counterparty |
| Company name |
The Kyoei Fire and Marine Insurance Company Ltd. |
| Line of business |
Property and casualty insurance |
| Head Office |
1-18-6 Shinbashi, Minato-ku, Tokyo |
| Representative |
Wataru Ozawa, President |
| Paid-in capital |
40 billion yen (as of September 30, 2003) |
| Total number of issued and outstanding shares |
189,286 shares (as of September 30, 2003) |
| Principal shareholders and percentage of their voting rights (as of September 30, 2003) |
| Zenkyoren (The National Mutual InsuranceFederation of Agricultural Cooperatives) |
58.46% |
| The Norinchukin Bank |
9.98% |
| Shinkin Central Bank |
9.43% |
| Zen-noh (The JA Group) |
0.94% | |
| Summary of operating results and financial conditions |
FY ended September 30, 2003- Non-consolidated basis(in millions of yen) |
FY ended September 30, 2002- Non-consolidated basis(in millions of yen) |
| |
Net premium income |
86,679 |
86,332 |
| Operating income |
4,390 |
3,580 |
| Net profit |
1,765 |
1,520 |
| Total assets |
694,426 |
678,930 |
| Total shareholders' equity |
58,620 |
-- |
| Relationship with the Company |
Zen-noh, a principal shareholder of the Company is also a major client of the Company. | |
| Note: As the Company was a mutual company as of September 30, 2002, total shareholders' equity is not available. | |
