TOKYO, Japan, August 29, 2018 — Renesas Electronics Corporation (TSE: 6723, “Renesas”), a premier supplier of advanced semiconductor solutions, today announced a correction of its March 9, 2018 press release entitled, ”Renesas Electronics Announces Change in Controlling Shareholder Other than Parent Company.”
1. Process leading to correction
On March 9, 2018, Innovation Network Corporation of Japan (“INCJ”) sold 75,026,425 common shares of Renesas to Denso Corporation (“Denso”) through a direct off-market sale. As a result, the ratio of the voting rights held by Denso to the total number of voting rights in Renesas became 5.00 percent and INCJ ceased to be the only controlling shareholder other than parent company as of March 14, 2018 (Note 1).
In the press release entitled “Renesas Electronics Announces Change in Controlling Shareholder Other than Parent Company” dated March 9, 2018, Renesas Electronics announced INCJ would be categorized as an “other related company” as of March 14, 2018. However due to the fact that INCJ’s reason for holding shares in Renesas is to foster investment and to earn capital gains, it was determined that INCJ does not correspond to being an “other related company”, and therefore a correction has been made.
(Note 1) The change in INCJ’s change in status became effective on March 14, 2018 following the completion of the book-entry transfer of shares for the transaction on that date.
2. Outline of the change
1) The last sentence from “1. Events leading up to the change”
The correction is underlined.
[Original Statement]
INCJ, the largest major shareholder of Renesas, will cease to be the only controlling shareholder other than parent company and will be categorized as other related company.
[Revised Statement]
INCJ, the largest major shareholder of Renesas, ceased to be the only controlling shareholder other than parent company.
2) “4. Number and percentage of the voting rights held by INCJ before and after the change” (Note 2)
The correction is underlined.
[Original Statement]
| Category | Number of voting rights held (Percentage of voting rights held) |
|||
|---|---|---|---|---|
| Voting rights directly held | Voting rights to be combined | Total | ||
| Before the change (as of March 8, 2018) |
|
8,352,282 (50.10%) |
0 (0.00%) |
8,352,282 (50.10%) |
| After the change (scheduled for March 14, 2018) |
|
7,602,177 (45.60%) |
0 (0.00%) |
7,602,177 (45.60%) |
[Revised Statement]
| Category | Number of voting rights held (Percentage of voting rights held) |
|||
|---|---|---|---|---|
| Voting rights directly held | Voting rights to be combined | Total | ||
| Before the change (as of March 8, 2018) |
|
8,352,282 (50.10%) |
0 (0.00%) |
8,352,282 (50.10%) |
| After the change (scheduled for March 14, 2018) |
|
7,602,177 (45.60%) |
0 (0.00%) |
7,602,177 (45.60%) |
(Note 2) As of April 26, 2018, Renesas sold 203,359,600 shares which was a portion of Renesas shares owned by INCJ to investors in Japan and abroad. Therefore, as of June 30, 2018, the percentage of voting rights held by INCJ changed to 33.39% (the percentage of voting rights held are rounded off to two decimal places).
About Renesas Electronics Corporation
Renesas Electronics Corporation (TSE: 6723) delivers trusted embedded design innovation with complete semiconductor solutions that enable billions of connected, intelligent devices to enhance the way people work and live. A global leader in microcontrollers, analog, power, and SoC products, Renesas provides comprehensive solutions for a broad range of automotive, industrial, infrastructure, and IoT applications that help shape a limitless future. Learn more at renesas.com. Follow us on LinkedIn, Facebook, Twitter, and YouTube.
(Remarks) All names of products or services mentioned in this press release are trademarks or registered trademarks of their respective owners.
The content in the press release, including, but not limited to, product prices and specifications, is based on the information as of the date indicated on the document, but may be subject to change without prior notice.