Nippon Sheet Glass Co., Ltd. (the parent company of NSG Group) has announced that it has reached an agreement with funds managed by affiliates of Apollo (“Apollo Funds”) and its subsidiaries (collectively, “Apollo”)—one of the world’s leading global alternative asset managers—to implement a set of fundamental measures through capital restructuring aimed at establishing a “New” NSG Group.
The outline of the principal procedures associated with the implementation of this initiative is as follows:
- Approval of the relevant resolutions at the Annual General Meeting
- The Company will receive an investment of JPY 165 billion through a third-party allotment of shares to Apollo Funds
- The Company will be de-listed and become a privately held entity through share consolidation accompanied by the purchase of all shares held by existing shareholders
- Debt-to-equity swap totalling JPY 140 billion by major financial institutions
These transactions are subject to approval of the relevant resolutions at the Annual General Meeting scheduled for June this year, as well as the permits and approvals of the relevant authorities in each jurisdiction. While the timeline may vary depending on when these conditions are satisfied, the Company currently expects the transactions to be completed in the second half of FY 2027. The schedule will be announced once finalised.
Following the completion of these transactions, NSG Group expects to achieve a sound capital structure by reinforcing capital, reducing interest burdens, and securing the liquidity necessary for structural reforms and strategic investments, thereby aiming to enhance competitiveness through improved profitability and a sustainable long-term growth trajectory.
Please note that ordinary business operations of NSG Group will, in principle, continue unchanged as usual before and after the completion of the transactions.