NEC Corp. has transferred some of its shareholdings in group firms, including Nippon Electric Glass Co. and Anritsu Corp., to a trust account worth some JPY 200 billion (US$1.7 billion) established to…
NEC Corp. has transferred some of its shareholdings in group firms, including Nippon Electric Glass Co. and Anritsu Corp., to a trust account worth some JPY 200 billion (US$1.7 billion) established to meet retirement-pay obligations, company officials said. NEC will book a profit of about JPY 180 billion on a parent-only basis for the year through March from the trust account. The profit was included in the revised earnings projections announced Tuesday. NEC will earn more than JPY 50 billion from moving 31.9 million Nippon Electric Glass shares into the account and over JPY 30 billion from the 19.2 million Anritsu shares. NEC will retain voting rights in the two firms. The names of other group companies have not been revealed. Apart from the trust account, NEC will sell 6.5 million shares in Anritsu in early March.