Otake Postpones Annual Shareholders Meeting Due to Ongoing Investigation

TOKYO, Jul 14 (Pulse News Wire) – OTAKE CORPORATION (7434.T) announced on July 14 that it has decided to postpone the continuation meeting of its 74th regular shareholders’ general meeting due to ongoing investigations into revenue recognition issues related to agent transactions during the fiscal year ending May 31, 2026. The company set up a special investigation committee comprising external experts and outside directors to ensure thorough and objective scrutiny.

As the investigation remains incomplete, the necessary time for accurate financial procedures cannot be met within the originally scheduled timeframe. Consequently, the company plans to convene a separate continuation meeting once the investigation concludes, subject to shareholder approval at the upcoming annual meeting on August 27, 2026. At the continuation meeting, OTAKE will report on the fiscal year’s business performance, consolidated financial statements, and audit results.

Additionally, the company will address the distribution of surplus funds and the appointment of six directors without audit committee membership. In light of these developments, OTAKE extends sincere apologies to its shareholders and investors for any inconvenience caused. Further details regarding the continuation meeting's schedule will be communicated promptly upon decision.