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The latest announcement is out from Hitachi Zosen Corporation ( (JP:7004) ).
Kanadevia Corporation has decided to waive its claim against its wholly-owned subsidiary, Natural Energy Japan Corporation (NEJ), which specializes in renewable energy generation and waste management. NEJ has been facing financial difficulties due to underperformance in waste collection and is currently insolvent. This decision aims to alleviate NEJ’s debt issues, with minimal impact on Kanadevia’s financial results as allowances have already been accounted for. The company plans to completely transfer its shares in NEJ by the end of fiscal 2024, terminating their business relationship.
More about Hitachi Zosen Corporation
YTD Price Performance: 6.29%
Average Trading Volume: 704,535
Technical Sentiment Consensus Rating: Strong Sell
Current Market Cap: Yen174.4B
See more insights into 7004 stock on TipRanks’ Stock Analysis page.