Asia
Sumitomo Chemical Completes Share Exchange with Koei Chemical; Shares Down 7%
Sumitomo Chemical (TYO:4005) said it completed the reduction of its capital reserves by 2.4 billion yen simultaneously with its share exchange with Koei Chemical Co. (TYO:4367), transferring the amount to other capital surplus, according to a Monday company release.The capital reserve reduction is based on the fair value of about 10.6 million Sumitomo Chemical shares issued as consideration for the share exchange.Following the reduction, capital reserves remained unchanged.Shares of Sumitomo Chemical were down nearly 7% in recent trade.
TYO:4005TYO:4367
