#CorporateRestructuring

Aiful Corporation plans to establish the holding company Muninova Holdings Co., Ltd. on April 1, 2026, and list it newly on the Tokyo Stock Exchange Prime Market on the same day. Aiful shares are scheduled to be delisted on March 30.

Murata Manufacturing Co., Ltd. completed the transfer of its micro primary battery business via absorption-type company split to a newly established subsidiary on March 1, 2026, followed by the full transfer of all shares of the new subsidiary to Maxell, Ltd.

Nishi-Nippon Railroad Co., Ltd. announced that it will absorb its wholly owned subsidiary, Nishi-Nippon Engineering Co., Ltd., effective April 1, 2027, with no issuance of new shares or cash payments related to the merger, and only minimal impact expected on consolidated performance.

Chori Co., Ltd. will dissolve its consolidated subsidiary Sumichori Co., Ltd. by March 2026 and write off approximately 6,478 million yen in loan receivables. Corporate taxes for the fiscal year ending March 2026 are expected to decrease by 2,178 million yen.

On May 1, 2026, an absorption-type company split and absorption-type merger will be conducted between consolidated subsidiaries to mutually succeed part of the pharmacy business, and Sakura Pharmacy Co., Ltd. will be absorbed by Kraft Co., Ltd.

Aichi Steel Corporation plans to transition from a company with a Board of Corporate Auditors to a company with an Audit and Supervisory Committee, subject to approval at the 122nd Annual General Meeting of Shareholders scheduled for June 2026.

Fujita Kanko Inc. will absorb its consolidated subsidiaries WHG West Japan Co., Ltd. and WHG Kansai Co., Ltd. through an absorption merger effective July 1, 2026, aiming to strengthen organizational capabilities. No stock allocation will occur in conjunction with the merger.

Japan Post Co., Ltd. has resolved to succeed the shares of JP Two-Way Contact Co., Ltd. held by its subsidiary Japan Post Corporate Service Co., Ltd., along with related assets and liabilities, through a simplified absorption-type split scheduled for July 1, 2026, aiming to strengthen management.

Ichigo Owners Inc. will execute an anonymous partnership investment of JPY 11,060 million, making this SPC a consolidated subsidiary. The SPC is scheduled to be established on April 1, 2026.

Remixpoint, Inc. has resolved to suspend consideration of the company split and transition to a holding company structure, and instead concentrate management resources. The impact on consolidated financial results is expected to be minimal.

Taisei Corporation resolved to make a preferred equity investment of JPY 18.5 billion in a special purpose company for the Tenjin 1-chome Development Project, thereby making it a specified subsidiary. The investment is scheduled to be made gradually starting March 2026.

Rakuten Group and Rakuten Bank have resumed discussions toward a group internal restructuring of the fintech business aiming for October 2026. Holding 49.26% of Rakuten Bank shares, fairness is ensured through the establishment of a special committee.