Reason of Liquidation
The Company has stopped operations of manufacturing CRT glass in Indonesia in July, 2006 as a part of restructuring plan in light of the decline in demand for CRT glass, and decided to liquidate P.T. Video Display Glass Indonesia.
2. Profile of P.T. Video Display Glass Indonesia
(1) Location: Cikarang-Bekasi, Indonesia
(2) Representative: Masatomo Hayakawa
(3) Business description: manufacture and sale of CRT glass
(4) Foundation Date: June 1996.
(5) Capital: US$55million
(6) Shareholders (with %):
- Asahi Glass Co., Ltd.: 95%
- Others: 5%
(7) Number of employees: 30 (as of December 31, 2006)
(1) Date of liquidation resolution by shareholders: February 22, 2007 (plan)
(2) Date of liquidation: Second half of 2008 (plan)
4. Impact on the operational results
The liquidation of the aforementioned subsidiary will have only a negligible effect on the Company’s non-consolidated and consolidated operating results.