Sumitomo Chemical to sell stake in AstraZeneca K.K.

Sumitomo Chemical announced that it has decided to sell its entire 20% stake in AstraZeneca K.K. to AstraZeneca UK Limited. As a result of this transaction, the UK-based firm becomes the sole shareholder of AstraZeneca K.K. The sale of the entire equity holding in AstraZeneca K.K. aims to further strengthen the financial base of Sumitomo Chemical.
 
Impact of the transaction on financial forecast for the year ending March 31, 2014. From the stock sale, Sumitomo Chemical is expected to post an extraordinary gain of approximately Yen 10 billion on a non-consolidated basis. There will be no effect on Sumitomo Chemical’s consolidated financial results as Sumitomo Chemical has recognised its equity in earnings of affiliates over a period of holding AstraZeneca K.K. shares.