February 20, 2009
Special Expense recorded on sale of equity holding in San Miguel Corporation
Tokyo, February 20, 2009—Kirin Holdings Company, Limited ("Kirin") today announced that it would record a special expense as a result of the sale of its equity holding in San Miguel Corporation. Details are as follows;
(1) Date recorded
February 20, 2009
(2) Details
Kirin decided at a meeting of its board of directors on February 20, 2009 to sell its entire holding of shares in San Miguel Corporation to Q-Tech Alliance Holdings (Head office: Manila, the Philippines), and concluded a share transfer agreement with Q-Tech Alliance Holdings on the same day. As a result, Kirin's consolidated and non-consolidated financial results for the fiscal year ending December 31, 2009 are expected to include the recording of a special expense for loss on sale of shares in subsidiaries and affiliates.
(3) Impact on business results
Kirin expects to record the following in its financial results for fiscal 2009 (January 1, 2009 to December 21, 2009):
Non-consolidated:
Loss on sale of shares in subsidiaries and affiliates: ¥24.0 billion (estimated amount)
Consolidated:
Loss on sale of shares in subsidiaries and affiliates: ¥26.0 billion (estimated amount)
(4) Business forecasts
At this stage there is no change to Kirin's forecasts for the year.