Fujitsu Ltd. (FJTSY.PK) said it has decided to spin off its access network development business focusing on modems for mobile phones into a newly established company, Access Network Technology Ltd., as of August 1, 2012.
The spinoff, to be conducted by Fujitsu as an entirely independent action, will be achieved through a simple incorporation-type separation.
The company noted that there is increasing demand for products relating to mobile phones and base stations, and the importance of wireless technologies, an area in which Fujitsu has extensive experience, is growing. According to Fujitsu, for this reason and to enable it to deliver the wireless technologies customers need in global markets, the company has decided to spin off through a simple incorporation-type separation its access network development business into a newly established company.
The company newly established with the spinoff will issue 2,112 shares of common stock, all of which shall be allotted to Fujitsu.
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by RTT Staff Writer
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