At the Board of Directors Meeting held on May 12, 2014, it was decided that PROTO CORPORATION (the Company) will dissolve and liquidate our subsidiary, PT. PROTO INDONESIA (referred to as “PROTO INDONESIA”).
1. Background for Dissolution and Liquidation
In December 2012, the Company established PROTO INDONESIA in the Republic of Indonesia, where the sales volume of automobiles is expected to grow, and has made efforts to expand our automobile-related information business in that country. However, the Company decided to dissolve PROTO INDONESIA, considering the fact that a firm business base has not been developed while over one year has elapsed since the establishment of the company.
2.Overview of the Subsidiary to be Dissolved
Note: 100 IDR = About 0.9 yen
Resolution at the Company’s Board of Directors Meeting: May 12, 2014
As for the date of liquidation, the liquidation process will be completed when the legal procedures required by the local government complete.
It is expected that the impact of this action on the consolidated performance will be minor.