As announced on August 10, 2023 in the “Notice Regarding Business Succession to our Consolidated Subsidiary through a Company Split (Simplified absorption-type split) and Reorganization within the Group through Share Delivery at a Fintech Subsidiary”, and on September 26, 2023 in the “(Progress of disclosure matters) Notice regarding intra-group reorganization through share delivery at a Fintech subsidiary”, effective November 1, 2023, all shares of Rakuten Payment, Inc. (hereinafter “Rakuten Payment”) held by the Company were transferred to Rakuten Card Co., Ltd. (hereinafter "Rakuten Card"), also a consolidated subsidiary of the Company, through share delivery (hereinafter “Share Delivery”). As a result, Rakuten Payment has become a consolidated subsidiary of Rakuten Card.
Results of the share delivery and the number of subsidiary shares to be acquired, etc.
Rakuten Card created a share delivery plan related to this Share Delivery and passed a resolution to approve the share delivery plan at the Rakuten Card shareholders meeting on October 11, 2023. The minimum number of Rakuten Payment common stock that Rakuten Card would receive in this Share Delivery was set at 276,800 shares, but since this has exceeded the minimum number, this Share Delivery became effective on November 1, 2023, and Rakuten Payment has become a consolidated subsidiary of Rakuten Card. Additionally, Rakuten Card allocated 5,479 newly issued shares of Rakuten Card common stock to the Company.
In addition, as was also announced on August 10, 2023 in the “Notice Regarding Business Succession to our Consolidated Subsidiary through a Company Split (Simplified absorption-type split) and Reorganization within the Group through Share Delivery at a Fintech Subsidiary”, the simplified absorption-type split in which the Rakuten Pay (online payments) business and Rakuten Point (online) business operated by the Company will undergo a company split, with the Company as the splitting company, and our consolidated subsidiary Rakuten Payment, Inc. (hereinafter "Rakuten Payment") as the successor company (hereinafter "Company Split"), also became effective on November 1, 2023, hence the reorganization including the share transfer announced on August 10, 2023 have been completed.