On October 11, 2005, Rakuten, Inc. held a Board of Directors Meeting and voted upon and agreed to establish a joint venture company with NTT DoCoMo Inc. to launch an Internet auction company from December 1, 2005. Rakuten will hold a 60% stake in the new company and NTT DoCoMo will hold a 40% stake. The new company will have five directors: Mr. Hiroshi Mikitani, Chairman and CEO of Rakuten, Inc.; Mr. Masatada Kobayashi, Board Director and Executive Officer of Rakuten, Inc., and Mr. Shinichi Ikeda, Executive Officer of Rakuten, Inc. NTT DoCoMo Inc. will appoint will hold rights to appoint two people to the board of directors. Mr. Ken Takayama, Board Director and Executive Officer of Rakuten, Inc. is appointed permanent statutory auditor of the new company. (For full release, please refer to Japanese IR release.)
October 11, 2005
Joint Venture Established to Form New Internet Auction Company.
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