Hitachi Zosen delays subsidiary sale due to review process

Hitachi Zosen Corporation (TSE:7004) announced a delay in the execution of its previously disclosed plan to transfer shares of its consolidated subsidiary, H&F Corporation, to AMADA CO., LTD., and to transfer parts of the businesses of its subsidiaries Kanadevia Trading (Shanghai) Co., Ltd., Kanadevia India Private Limited, and PT. Kanadevia INDONESIA. The company, in its initial announcement on January 24, 2025, had set an execution date of April 1, 2025, for both the share transfer and business transfer. However, due to a prolonged review by domestic anti-monopoly authorities, the execution date has been pushed back to May 1, 2025. The terms of the transfer, including the transfer price, remain unchanged. Hitachi Zosen emphasized that the effectiveness of both the share transfer and the business transfer is contingent upon the completion of necessary approvals under the Act on Prohibition of Private Monopolization and Maintenance of Fair Trade and other relevant regulations.