Reduction in Capital Reserve and Earned Surplus Reserve
May 28 2003 - 10:52AM
UK Regulatory
BW20030528000059 20030528T134514Z UTC
( BW)(SUMITOMO-MITSUI-BNKG)(SBK) Reduction in Capital Reserve and
Earned Surplus Reserve
Business Editors
UK REGULATORY NEWS
TOKYO--(BUSINESS WIRE)--May 28, 2003--
Sumitomo Mitsui Financial Group, Inc. ('SMFG') announced today that
the Board of Directors has resolved to propose a reduction in capital
reserve and earned surplus reserve at the ordinary general meeting
of shareholders to be held on June 27, 2003 as follows:
1. Purpose:
SMFG intends to ensure the flexibility of its financial strategy, such as
securing the source for purchasing treasury stocks of its subsidiaries.
2. Method:
Pursuant to Clause 2 of Article 289 of the Commercial Code of Japan, SMFG
will transfer 499,504 million yen of 'Capital reserve' and 496 million yen
of 'Earned surplus reserve' to 'Other capital surplus' and 'Unappropriated
retained earnings,' respectively.
(Millions of Yen)
-----------------------------------------------------------------------------------
Before Reduction Amount of Reduction After Reduction
-----------------------------------------------------------------------------------
Capital Reserve: 1,747,267 499,504 1,247,763
-----------------------------------------------------------------------------------
Earned Surplus
Reserve: 496 496 -
-----------------------------------------------------------------------------------
Total: 1,747,763 500,000 1,247,763
-----------------------------------------------------------------------------------
(Reference) Capital stock: 1,247,650 million yen
3. Schedule
(1) Date of resolution at the meeting of the Board of Directors: May 26, 2003.
(2) Date of resolution at ordinary general meeting of shareholders: June 27, 2003
(schedule).
The reduction is scheduled to come into force in early August 2003 following the
termination of the period for creditors to assert any objections.
Short Name: Sumitomo Mitsui Bkng
Category Code: MSC
Sequence Number: 00005209
Time of Receipt (offset from UTC): 20030527T163642+0100
--30--ra/uk*
CONTACT: Sumitomo Mitsui Bnkg
KEYWORD: UNITED KINGDOM JAPAN INTERNATIONAL EUROPE ASIA PACIFIC
INDUSTRY KEYWORD: BANKING
SOURCE: Sumitomo Mitsui Bnkg
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