Dissolution of a Subsidiary
July 29 2005 - 6:00AM
UK Regulatory
RNS Number:4750P
Nippon Telegraph and Telephone Corp
29 July 2005
July 29, 2005
Dissolution of a Consolidated Subsidiary
Nippon Telegraph and Telephone Corporation (NTT) announces that the Board of
Directors resolved on July 29, 2005 to dissolve NTT USA, Inc., a wholly owned
subsidiary of NTT Communications Corporation (NTT Com), which is a wholly owned
subsidiary of NTT.
1. Outline of NTT USA, Inc.
1)Name NTT USA, Inc.
2)Address 101 Park Avenue, 41st Floor, New York, NY 10178, U.S.A.
3)Representative Tatsuo Kawasaki
Director/President
4)Established October, 1987
5)Capital US$ 7,676.2 Million (as of June 30, 2005)
6)Business activities Management of business operating companies and
investment operation in North America
7)Closing date December 31
8)Share A wholly owned company of NTT Com
9)Employees 30 (as of June 30, 2005)
10)Total assets US$ 7,955.9 Million (as of December 31, 2004)
(Unaudited)
11)Revenue US$ 9.5 Million (as of December 31, 2004)
(Unaudited)
2. Reason for the Dissolution
As a result of reviewing the positions of foreign investment companies from the
perspective of enhancing efficiency in investment management and strengthening
financial mobility, and as NTT USA, Inc.'s reason for existence as a finance
company has diminished, a resolution was passed to dissolve the company. This
dissolution has no impact on business strategy and operations in North America.
3. Date of Dissolution
July 29, 2005 Resolution for the dissolution
February, 2006 Dissolution (Scheduled)
4. Future Prospect
Any impact arising from the dissolution of NTT USA, Inc. that might affect the
consolidated business results of NTT is negligible.
For further inquiries please contact:
Global Business Strategy, Department I
Nippon Telegraph and Telephone Corporation
Phone: +81-3-5205-5191
Fax: +81-3-5205-5139
E-mail: k.fukuda@hco.ntt.co.jp
This information is provided by RNS
The company news service from the London Stock Exchange
END
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