Akebono Brake Industry : Announcement Regarding Receipt of Dividend from Consolidated Subsidiary

Title: Akebono Brake Industry Receives JPY 3.5 Billion Dividend from Consolidated Subsidiary

On April 12, 2024, Akebono Brake Industry Co., Ltd. (TSE: 6491), a leading global manufacturer of automotive brake components, announced that it had received a dividend payment of JPY 3.5 billion (approximately USD 31 million) from its consolidated subsidiary, Akebono Brake Indonesia, PT. The dividend payment was made in accordance with the financial results of PT. Akebono Brake Indonesia for the fiscal year ended December 31, 2023.

Akebono Brake Indonesia is a significant subsidiary of Akebono Brake Industry, with operations in Indonesia, which manufactures and exports automotive brake components, including disc brake pads and drum brake shoes, to various markets worldwide. The subsidiary's strong financial performance in the fiscal year 2023 led to the substantial dividend payment to its parent company, Akebono Brake Industry.

The receipt of this dividend is expected to contribute positively to Akebono Brake Industry's consolidated financial results for the fiscal year ending March 31, 2025. The company plans to use the funds to strengthen its global competitiveness by investing in research and development, expanding its production capacity, and enhancing its marketing efforts to further penetrate key markets and increase sales.

Akebono Brake Industry's President and CEO, Mr. Hiroshi Watanabe, expressed his gratitude to PT. Akebono Brake Indonesia's management and employees for their dedication and hard work, which led to the strong financial results and subsequent dividend payment. He also reiterated the company's commitment to delivering high-quality brake components and providing excellent customer service to meet the evolving needs of its global customer base.

The dividend payment is a testament to the successful collaboration between Akebono Brake Industry and its consolidated subsidiaries, as well as the strong financial position and growth potential of the company in the global automotive brake market.

About Akebono Brake Industry Co., Ltd.

Akebono Brake Industry Co., Ltd. is a leading global manufacturer of automotive brake components, including disc brake pads, drum brake shoes, and brake drums. The company was founded in Japan in 1929 and has a rich history of over 90 years in the brake industry. Akebono Brake Industry operates in more than 20 countries and regions worldwide, with a global workforce of over 10,000 employees. The company's mission is to provide high-quality brake components and excellent customer service to meet the evolving needs of its global customer base.

Contact Information

Akebono Brake Industry Co., Ltd.

Public Relations Department

Email: [email protected]

Website: https://www.akebono-global.com/en/

Disclaimer

This press release may contain forward-looking statements based on current expectations, estimates, and projections about the company's business and future events. Forward-looking statements are not guarantees of future performance and involve certain risks and uncertainties, which are difficult to predict. Actual results may differ materially from those projected or implied in these forward-looking statements due to various factors, including but not limited to, economic conditions, competition, technological developments, market demand, and regulatory requirements. The company disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

End of Press Release.