Sojitz Corporation


Pla-Net Holdings acquires the entire stock of Chori Pla-Techno

Mar. 25, 2002

TOKYO(March25, 2002)--Pla-Net Holdings, Inc. (hereafter called Pla-Net), a joint holding company of the synthetic resin operations of Nissho Iwai and Nichimen Corporation (Nichimen), will acquire the entire stock of Chori Pla-Techno Co., Ltd. (Chori Pla-Techno), a subsidiary of Chori Co., Ltd. (Chori). Chori Pla-Techno will consequently become a subsidiary of Pla-Net. The details are as follows:

1. The reason for acquiring the shares:
As previously announced, Nissho Iwai concluded a basic agreement with Nichimen and Chori on December 6, 2001. The companies agreed to integrate their synthetic resin business operations in which each company has its own particular advantages, to pursue synergies by expanding their product line up, and also to strive to expand their business and profits and improve their position in the industry.
As part of the agreement, Pla-Net will take over the entire stock of Chori Pla-Techno, which is owned by Chori.

In addition Pla-Net will increase its capital, which will be acquired by Nichimen and Chori.

As a result, after the capital increase the ownership of Pla-Net will be as follows. Note that there is no share transfer involving Nissho Iwai.

Nichimen Corporation         66.56% (previously 65%)
Nissho Iwai Corporation     20.44% (   "   35%)
Chori Co.Ltd.                         13.00% (   "     0%)

2. Summary of the subsidiary to be transferred (Chori Pla-Techno Co. Ltd.)

(1) Company name Chori Pla-Techno Co. Ltd.
(2) Company representative Katsuji Matsuda, President
(3) Location 4-7 Kawara machi 2-chome, Chuo-ku, Osaka
(4) Established December 2, 1992
(5) Major businesses Sales and development of synthetic resin material and products
(6) Business term ends March 31
(7) Number of employees 100
(8) Main offices Osaka and Tokyo
(9) Capitalization 1 billion yen
(10) Total shares issued 1400 shares
(11) Major shareholders and percentageof shares owned Chori Co., Ltd. 100%
(12) Business results for the latest fiscal year (the results of synthetic resin business transferred to Chori Pla-Techno) Fiscal year ending 
March 31, 2001

Total trading transactions:84,495 million yen
Gross trading profit:3,728 million yen
Operating income:823 million yen

3. Summary of the company from which the shares are to be transferred

(1) Company name: Chori Co. Ltd.
(2) Company representative: Toshio Toura, President
(3) Headquarters: 4-7 Kawara-machi 2-chome, Chuo-ku, Osaka
(4) Main business: Textile, Chemicals, IT business, etc.

4. Summary of the Nissho Iwai affiliated company that will take over the shares  (Pla-Net Holdings Inc.)

(1) Company name  :  Pla-Net Holdings Inc.
(2) Company representative  :  Atsumi Shirai, President (Senior Managing Director of Nichimen)
(3) Headquarters  :  1-23 Shiba 4-chome, Minato-ku, Tokyo
(4) Paid-in Capital  :  3.6 billion yen (before the capital increase)
                                      6.1645 billion yen (after the capital increase)
                                      (The amount paid by Nissho Iwai is 1.26 billion yen)
(5) Main business  :  Holding company of synthetic resin operations
(6) Relationship with Nissho Iwai Corporation :
Pla-Net Holdings Inc. is an affiliated company of Nissho Iwai, which owned 35% before the capital increase, and will own 20.44% after the increase 

5. Number of shares of Chori Pla-Techno to be acquired by Pla-Net, purchase price, and changes before and after the acquisition 

(1) Number of shares owned by Pla-Net before acquisition: 0 (0% owned)
(2) Number of shares acquired: 1,400 (purchase price 8.6 billion yen)
(3) Number of shares owned by Pla-Net after acquisition: 1,400 (100 % owned)

Page top