IR News

【PARK24 Co., Ltd. 】Notice of Dissolution of a Subsidiary

Park24 Co., Ltd. announces that a meeting of the Board of Directors held on October 15, 2008 resolved to dissolve its consolidated subsidiary, TPF2 Limited. Details are as follows:

1. Profile of Subsidiary

Corporate name

TPF2 Limited

Head office location

Chiyoda-ku, Tokyo

Name & title of the representative

Kenichi Sasaki, Representative Director


Lease of real estate


August 22, 2003


3 million yen

Outstanding shares


Net assets

3 million yen

Total assets

7,729 million yen

Fiscal year end

End of September

Major shareholder & shareholding ratio

TPF2 Holding inc.  100%

2. Reason for Dissolution

Since the previous term, Park24 Co., Ltd. has converted two SPC companies, which were established for off balance-sheet operations, into consolidated subsidiaries. Of the two SPC companies, Park24 Co., Ltd. paid all the loans for TPF2 Limited when the company was at the point of requiring refinancing. The decision was consequently made to dissolve TPF2 Limited to improve the transparency of financial operations.

3. Schedule for Dissolution

Dissolution of TPF2 Limited:   October 28, 2008
Liquidation of TPF2 Limited: Late January, 2009

4. Influence on Performance of Park24 Co., Ltd.

Before the dissolution of this subsidiary, Park24 Co., Ltd. bought back trust beneficiary rights that TPF2 Limited possessed. Because the trust beneficiary rights were repurchased in accounting procedures when the loans were paid, they did not affect the balance sheet.
Also this will have no influence on Park24's consolidated or non-consolidated results.