Oriental Shiraishi Corporation [1786.T]
TOKYO, Jun 10 (Pulse News Wire) – Oriental Shiraishi Corporation (1786.T) announced today that its board of directors approved amendments to its capital business alliance agreement with Itochu Corporation, effective immediately. The changes aim to enhance cooperation in infrastructure maintenance, PPP/PFI projects, and overseas expansion.
Under the amended agreement, Itochu will have the right to nominate one outside director candidate if its voting rights exceed 20%. Should Itochu wish to nominate more than two candidates based on its voting ratio, Oriental Shiraishi will engage in good faith discussions with Itochu regarding the acceptance of such nominations.
The amendment follows the initial agreement signed on May 16, 2023, which aimed to leverage Itochu's extensive customer network and value chain in materials trading, along with Oriental Shiraishi’s advanced technologies in prestressed concrete and pneumatic caissons. The company stated that the impact of these amendments on its current fiscal performance is expected to be minor.
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