SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE13a-16 OR15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
For the month of April 2020
Commission File Number:001-37821
LINE Corporation
(Translation of registrant’s name into English)
1-6 Shinjuku4-chome
Shinjuku-ku, Tokyo150-8510, Japan
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form20-F or Form40-F.
Form20-F X Form40-F
Indicate by check mark if the registrant is submitting the Form6-K in paper as permitted by RegulationS-T Rule 101(b)(1):
Indicate by check mark if the registrant is submitting the Form6-K in paper as permitted by RegulationS-T Rule 101(b)(7):
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
LINE Corporation | ||
(Registrant) | ||
April 22, 2020 | By: /s/ In Joon Hwang | |
(Signature) | ||
Name: In Joon Hwang | ||
Title: Director and Chief Financial Officer |
April 22, 2020
Company: LINE Corporation | ||
Representative: Representative Director and CEO Takeshi Idezawa | ||
Stock Code: 3938 (First Section of the Tokyo Stock Exchange) | ||
Inquiries: Corporate Development/Investor Relations Department | ||
Telephone:03-4316-2050 |
Notice Regarding Change in Specified Subsidiary
LINE Corporation (hereinafter the “Company”) announces a change in specified subsidiaries as follows.
1. | Reason for Changing Specified Subsidiary |
LINE Financial Corporation (hereinafter “LFC”), a consolidated subsidiary of the Company, resolved at its meeting of the board of directors today to execute acontribution-in-kind (hereinafter “reorganization”) of LINE Financial Asia Corporation Limited’s (a consolidated subsidiary of LFC, hereinafter “LFA”) total shares to LINE Financial Plus Corporation (hereinafter “LFP) in order to reinforce financial business position in Southeast Asia and strengthen internal controls.
Since the total capitalization of LFP has become equivalent toten-hundredths or greater of the Company’s total capitalization with the completion of the reorganization, LFP now corresponds to a specified subsidiary. As a result of this reorganization, LFA will be dissolved and liquidated.
2. | Reorganization method |
Capital increase by executing acontribution-in-kind of 100% of LFA shares owned by LFC.
3. | Overview of the Changing Specified Subsidiary (As of April 22, 2020) |
(1) Name | LINE Financial Plus Corporation | |
(2) Location | BUNDANGNAEGOK-RO117,BUNDANG-GUSEONGNAM-SI,GYEONGGI-DO,13529,RP.KOREA | |
(3) Name and title of representative | Representative: Yongsu Ko, Representative Director and CEO | |
(4) Business | Provision of financial services |
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(5) Capital | KRW 1,000 million
Due to this reorganization, prior notification and/or report on integration progress may need to be filed with respective agencies in countries that have jurisdiction over LFA’s overseas subsidiaries. For this reason, the amount of capitilization after capital increase has not been determined as of today, however the amount of LFP’s capitalization after capital increase is equivalent toten-hundredths or greater of the Company’s total capitalization. | |||
(6) Established | March 26, 2018 | |||
(7) Principal shareholders and holding ratio | LINE Financial Corporation: 100% | |||
(8) Relationship between LINE Corporation LINE Financial Plus Corporation | Capital relationship | LINE Financial Corporation, a subsidiary of the Company, owns 100% of total number of issued shares of LFP. | ||
Personnel relationship | An executive officer of the Company serves as the representative director of LFP, and a director and an employee of the Company concurrently serve as directors of LFP.
The Company’s employee concurrently serves as auditor of LFP. | |||
Business relationship | There is no business relationship between the Company and LFP that should be disclosed. |
4. | Date of Change (tentative) |
August 31, 2020
5. | Future Projections |
The impact of the change on the Company’s consolidated results is expected to be minimal.
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