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Relevant Press Releases
FOR IMMEDIATE RELEASE Media Contacts:Yasuhiro Fukagawa, International PR, Tokyo (Tel: 03-3578-1237, Fax: 03-5472-7608)
Matsushita Electric to Execute Own Share Repurchase
Matsushita Electric Industrial Co., Ltd. (MEI [NYSE and PCX symbol: MC]) announced that its Board of Directors today resolved to repurchase its own shares from a subsidiary, in conformity with provisions of Article 211-3 of the amended Japanese Commercial Code.
Details of the share repurchase are as follows:
|1.||Name of subsidiary:||Kyushu Matsushita Electric Employee Cooperative Society
|2.||Reason for purchase:||As a result of the October 1, 2002 share exchange between MEI and Kyushu Matsushita Electric Co., Ltd. (KME), Kyushu Matsushita Electric Employee Cooperative Society Inc. (KMECS) acquired shares of MEI common stock in exchange for its KME shares held. MEI has decided to use this particular transaction to repurchase such MEI shares held by KMECS in order to conform to Japanese laws that prohibit subsidiaries from holding shares of their parent company.|
|3.||Details of purchase:
- Class of shares: MEI common stock
- Aggregate number of shares to be purchased: 1,422,000 shares
- Aggregate purchase amount: 1,658,052,000 yen
- Purchase date: November 26, 2002 (planned)