Idemitsu is new major shareholder of Showa Shell and CIS manufacturer Solar Frontier
Post date: 04/04/2019 - 18:31
Japanese thin-film module producer Solar Frontier K.K. and its former parent company Showa Shell Sekiyu K.K. are now part of the Japanese petroleum company Idemitsu Kosan Co.Ltd. Idemitsu announced the »Execution of Share Exchange Agreement and Business Integration« in October 2018. The company implemented a share exchange, in which Idemitsu will become a wholly owning parent company and Showa Shell Sekiyu K.K. will become a wholly owned subsidiary company, effective April 1, 2019. As a result, Nissho Kosan K.K. is no longer Showa Shell’s major shareholder, and the ratio to the number of total voting rights has changed from 13.73 percent to 8.98 percent.
Rumors about the cooperation between the companies announced in October were published since the end of June 2018, and have been confirmed by Idemitsu in July.