OREANDA-NEWS. May 12, 2012. Seven-Eleven Japan Co., Ltd., a subsidiary of Seven & i Holdings Co., Ltd., and Zhongdi Group Co., Ltd. have agreed to establish a joint venture and have filed an application regarding the development of 7-Eleven stores.

Plans call for the joint venture to be established after the Qingdao municipal government approves the company establishment application.

1. Overview of joint venture

(1)

Name

SHAN DONG ZHONG DI CONVENIENCE CO., LTD.

(2)

Representative

Chairman, Ming Jin (Vice President, Zhongdi Group Co., Ltd.)

 

 

Vice Chairman, Fumio Inoue

 

 

(President, SEVEN-ELEVEN CHINA Co., Ltd.)

(3)

Location

Qingdao, Shandong

(4)

Date of establishment

2012 (planned)

(5)

Principal business

Operation of 7-Eleven stores in Shandong

(6)

Licensor

SEVEN-ELEVEN CHINA Co., Ltd.

 

 

(Wholly owned subsidiary of Seven-Eleven Japan)

(7)

Fiscal year-end

End of December

(8)

Registered capital

120 million yuan

(9)

Equity interest

Zhongdi Group Co., Ltd. 65%

 

 

Seven-Eleven Japan Co., Ltd. 35%

2. Overview of Zhongdi Group Co., Ltd.

(1)

Name

Zhongdi Group Co., Ltd.

(2)

Representative

Board Chairman, Wen Zheng Wang

(3)

Location

Qingdao, Shandong

(4)

Date of establishment

December 14, 2001

(5)

Principal business

Home-use yarn, decorative construction materials, apparel

 

 

and food production, etc.

(6)

Fiscal year-end

End of December

(7)

Registered capital

99 million yuan

3. Future outlook

The influence on consolidated results for the fiscal year ending February 2013 is expected to be minimal, but this establishment is expected to contribute to improvement in financial results over the medium to long term.