TOKYO At a recent meeting of the board of directors of Tokyu Corp., a decision was made to make Tokyu Hotel Chain a wholly owned subsidiary of Tokyu Corp. through a share exchange. Tokyu Corp. and Tokyu Hotel Chain executed the share exchange agreement on the same day. The board also decided that a new entity, Tokyu Hotel Management Co. Ltd., would be created to manage the domestic business activities of the hotel chain.
Tokyu Corp. will effect this share exchange without obtaining the approval of the general meeting of shareholders for the share exchange agreement. Tokyu Hotel Chain, on the other hand, expects to obtain approval on this matter at the annual general meeting of shareholders scheduled for March 27, 2001. (1/22/01)