Note: This document is a translation of the original Japanese version and provided for reference purposes only.
In the event of any discrepancy between the Japanese original and this English translation, the Japanese original
shall prevail.

Company: TODA CORPORATION
Representative: Seisuke Otani, President and Representative Director(Securities Code: 1860 TSE Prime Market)
Contact: Toshiyuki Kubodera, General Manager, Financial & IR Div.
(Phone: 03-3535-1357)

December 27, 2023

Notice Concerning the Acquisition of Second-Tier Subsidiary (Specified Subsidiary)
TODA CORPORATION (hereinafter referred to as the “Company”) hereby announces that at the Board of
Directors Meeting held on December 27, 2023, the Company has resolved that Toda Asia Pacific Pte. Ltd.
(“TAP”), our subsidiary in the Republic of Singapore, will underwrite a third-party allotment of new shares of
Coherent Hotel Ltd. (“Coherent”) to make it a subsidiary (a second-tier subsidiary of the Company).
Coherent operate a hotel business in New Zealand. As a result of this investment, the capital of Coherent
will correspond to more than 10/100 of the amount of capital of the Company, thus making it a specified
subsidiary.
1. Purpose of Acquisition of the Second-Tier Subsidiary
As one of the priority management businesses, the Group has been developing the overseas business,and has positioned the Asia and Oceania region as a cornerstone of its business. We aim to secure astable revenue base in the region by expanding our business in New Zealand, a developed country that is
expected to continue to grow in the future.
2. Outline of the Subsidiary Acquiring the Shares(1) Name

Toda Asia Pacific Pte. Ltd.

(2) Address#22-02 Samsung Hub, 3 Church Street, Singapore 049483(3) Representative

Yoshiro Shima, Director(4) Scope of BusinessSupervision and management of local subsidiaries in the Asia and Oceania
region(5) Date of Establishment

August 24, 2023

(6) Capital

57 million SGD (approximately ¥6.3 billion)(7) Major Shareholders and TODA CORPORATION
Shareholding Ratio(8) Relationship between the Capital Relationship
Company and the
Personnel Relationship
Subsidiary
Transactional Relationship1

100%
100% owned by the Company.
1 executive officer and 2 employees of
the Company serve as directors.
Not applicable.

3. Outline of the Second-Tier Subsidiary to be Acquired(1) Name

Coherent Hotel Ltd.

(2) Address

Level 18, Huawei Centre, 120 Albert Street, Auckland, New Zealand(3) Representatives

Sunardi S. Loekman, Director
Sofia Astuty Budiman, Director
Ali Kristianto Budiman, Director
Tony John Rose, Director
Li Zhang, Director(4) Scope of Business

Hotel business(5) Date of Establishment

April 27, 2016

(6) Current Capital

100 NZD (approximately ¥9 thousand)(7) Capital After Capital
Increase

60 million NZD (approximately ¥5.5 billion)(8) Major Shareholders andShareholding Ratio

Perfect Match Investments NZ Ltd. 100％

(9) Relationship with theCompany

There are no applicable matters regarding capital relationship, personnel
relationship, or transactional relationship.

(10) Financial Situation and Operating Results for the Past Three Years
Fiscal Year Ending

December 31, 2020

Thousands of NZD(Millions of JPY)

December 31, 2021

December 31, 2022

Net assets

8,766(795)

13,314(1,207)

22,115(2,005)

Total assets

50,748(4,602)

55,962(5,075)

66,038(5,989)

87(7)133(12)221(20)Net sales

4,611(418)

5,018(455)

8,793(797)

Operating income-351(-31)-1,180(-107)

683(61)

Ordinary income-553(-50)-1,194(-108)

392(35)

Net income-473(-42)-934(-84)

192(17)

Net income per share-4(-0)-9(-0)

1(0)Dividend per share

0(0)

0(0)

0(0)

Net assets per share

4. Number of Shares to be Acquired, Acquisition Price, and Shareholding Before and After Acquisition(1) Number of Shares Held Before the Change
0 shares (0%)(2) Number of Shares to be Acquired

51,000 shares(3) Acquisition Price

60 million NZD (approximately ¥5.5 billion)(4) Number of Shares Held After the Change

51,000 shares (51%)

5. Schedule(1) Date of Resolution by the Board of Directors

December 27, 2023

(2) Date of Execution of Share Subscription
Agreement

January 2024 (planned)(3) Date of Share Transfer

After approval by New Zealand authorities(January 2024 onward)2

6. Outlook for the Future
The impact of this matter on the Group’s consolidated financial results for the fiscal year ending March2024 is expected to be negligible. The Company will promptly announce if any matter requiring
disclosure arises in the future.
Note: The conversion of capital etc. to Japanese yen is based on 1SGD = ¥110.38 and 1NZD = ¥90.70 (as of theend of November 2023).

End

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