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April 3, 2017
Sony (China) Ltd., a wholly-owned Chinese subsidiary of Sony Corporation ("Sony"), has completed on April 1, 2017 the transfer of all of the equity interest in its wholly-owned subsidiary, Sony Electronics Huanan Co., Ltd. ("SEH"), which manufactures camera modules, to Shen Zhen O-film Tech Co., Ltd. in accordance with the definitive agreement announced on November 7, 2016.
The consideration for the transfer is approximately 234 million U.S. dollars, including SEH's debts and the previously announced sales price of 95 million U.S. dollars, all of which is subject to customary post-closing adjustments.
As the result of the transfer, Sony expects to record a gain of approximately 27 billion yen in operating income in the first quarter of the fiscal year ending March 31, 2018.
|Date Established||March 2, 2004|
|Location||No.7 Shenzhou Road, Science Park of GETDD.
Guangzhou 510660, China
|Capital||73 million US$ (as of March 31, 2016)|
|Shareholding Ratio||Sony (China) Ltd.: 100% (as of March 31, 2016)|
|Type of Business||Manufacture of camera modules|
|Employee Headcount||Approximately 4,000 (as of March 31, 2016)|