• Kyodo News


Leasing company Orix Corp. will make Internet Research Institute Inc. a wholly owned subsidiary through an equity swap in November, the two companies said Monday in a joint statement.

The deal is aimed at “creating new added values and expanding customer services” by combining financial services and information technologies, they said.

As the basic agreement calls for exchanging each share of the Internet-related research and development entity for 0.667 Orix share, Orix will allocate 324,894 common shares to IRI shareholders.

Orix is listed on the first sections of the Tokyo Stock Exchange and the Osaka Securities Exchange.

IRI is currently on the liquidation post of the Mothers startup market on the TSE before delisting June 24 due to its failure to secure an auditor’s statement for its earnings report for the first half of the 2006 business year, following accounting irregularities at a subsidiary.

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