Sumitomo Chemical Sells Shares in Strategic Move

Sumitomo Chemical Co (JP:4005) has released an update.

Sumitomo Chemical Co., Ltd. has resolved to sell a portion of its shares in associate Sumitomo Bakelite to GIC Private Limited, which will result in recording other operating income and extraordinary income in its financial statements. The sale is part of Sumitomo Chemical’s performance improvement measures to ensure a V-shaped recovery and strengthen its financial base for future structural reforms. Despite the transfer, Sumitomo Chemical will maintain its business relationship and partnership with Sumitomo Bakelite.

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