2003 The former Hitachi Cable News Release
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Special agent Fujinaga Electric Co., Ltd. to become a subsidiary
We hereby announce that we will make our special agent in the cable and wire field, Fujinaga Electric Co., Ltd. (hereinafter referred to as "Fujinaga Electric"), our subsidiary through the acquisition of all of Fujinaga Electric 's allocation of new shares to a third party.
We will take this opportunity to enhance service to our customers by strengthening Fujinaga Electric's management base and reinforcing the distribution sector of the entire Hitachi Cable Group.
1. Fujinaga Electric's allocation of new shares to a third party.
| (1) | Capital increase amount: 35 million yen |
| (2) | Source of capital increase: Hitachi Cable, Ltd., which will contribute the above amount in full |
| (3) | Payment due date: June 9, 2003 |
2. Summary of Fujinaga Electric (as of May 31, 2003)
| (1) | Trade name: Fujinaga Electric Co., Ltd. |
| (2) | Location of head office: 1-7 Kanda Awaji-cho, Chiyoda-ku, Tokyo |
| (3) | Capital: 15 million yen |
| (4) | Representative: Giichi Takayasu, President and Representative Director |
| (5) | Sales: 7,350 million yen (for fiscal year 2003) |
| (6) | Shareholders: Yukinobu Osada 48%, Giichi Takayasu 35%, Others 17% |
3. Summary of Fujinaga Electric after capital increase
| (1) | Trade name: Fujinaga Electric Co., Ltd. |
| (2) | Capital: 50 million yen |
| (3) | Representative: Kazuo Inaba, President and Representative Director (to assume office on June 16, 2003) |
| (4) | Shareholders: Hitachi Cable 70%, Others 30% |