OREANDA-NEWS. AUTOBACS SEVEN Co., Ltd. announces transfer of store ownership of four directly-owned stores to its consolidated subsidiaries, Hokusetsu Autobacs Ltd. and Autobacs Izumi Ltd.

The company also announces two mergers of its consolidated subsidiaries, firstly Prince Auto Ltd. (“Prince Auto”) and Nanyo Auto Service Ltd. (“Nanyo Auto,”) secondly Autobacs Kochi Ltd. (“AB Kochi”) and TAIYO Ltd. (“Taiyo.”)

As described in the AUTOBACS 2010 Medium-Term Business Plan, AUTOBACS Group is aiming to increase market share and improve store profitability by strengthening its franchise chain business in Japan.

As part of the effort, the Company decided to consolidate store ownership in the Kansai and Shikoku area, to simplify the operational structure and increase area competitiveness and management efficiency.

Hokusetsu AB, which is one of the Company’s consolidated subsidiaries, is taking over the operations on Super AUTOBACS TOYONAKA SHONAI Store and AUTOBACS SENRIOKA Store from AUTOBACS SEVEN. Concurrently, AB Izumi, which is also one of the Company’s consolidated subsidiaries, is taking over the operations on Super AUTOBACS 43-DOI Store and AUTOBACS DEIRIBASHI Store from AUTOBACS SEVEN. Both transfers are scheduled on April 1, 2013.

Prince Auto and Nanyo Auto, both of which AUTOBACS SEVEN’s consolidated subsidiaries have decided to merge and consolidate their business in accordance with the resolution of both companies’ Board of Directors Meeting and General Meeting of Shareholders.