February 25, 2021
TOYOTA Connected Corporation

TOYOTA Connected Strengthens Collaboration with Toyota Tsusho toward Expansion of Connected Service Business in Middle East Region

- A subsidiary in Middle East region issuing new shares through third-party allotment to Toyota Tsusho

TOYOTA Connected Corporation (“TOYOTA Connected”) announced today that TOYOTA Connected Middle East FZCO. (“TCME”), a subsidiary undertaking business in connected services for mobility in the Middle East region, has issued new shares through a third-party allotment to Toyota Tsusho Corporation (“Toyota Tsusho”) and raised approximately 250 million JPY. As a result of this capital increase, Toyota Tsusho's shareholding ratio in TCME has increased to 51%, and TCME has been changed from a TOYOTA Connected’s subsidiary to an affiliate. In accordance with the transition to the new structure, TCME changed its name to "Toyota Tsusho Connected Middle East FZCO. (TTCME)" on February 1, 2021.

1. Purpose of the Third-Party Allotment

TOYOTA Connected has been providing connected services, customer management and operational support in the Middle East region since the establishment of TCME jointly with Toyota Tsusho in 2013. In recent mobility industry, the market for services is expanding and needs are diversifying, and the importance of establishing infrastructure and developing business necessary for connected services supporting them is increasing.
Toyota Tsusho, a general trading company, has more than 10 years of achievements in developing projects for products and services reflecting local needs such as remote air conditioning control and car navigation systems capable of connected services in the Middle East region. Through this capital increase, we will strengthen our collaboration by utilizing Toyota Tsusho's local sales system and sales expertise and TOYOTA Connected’s system development and operation expertise and accelerate the development of the connected services business to meet local mobility needs.

2. Outline of the Third-Party Allotment

Underwriter Toyota Tsusho Corporation
Amount to be raised 250 million JPY
Shareholding ratio
after capital increase
Toyota Tsusho Corporation 51%
TOYOTA Connected Corporation 49%

3. Directors and Executive Officers

Name Title
Manish Malhotra President & CEO
Yoshinori Matsuyama Chief Operation Officer
Tatsuhiko Yamada Director
Overview of new company
Company name Toyota Tsusho Connected Middle East FZCO. (“TTCME”)
Company logo
Head office Dubai, United Arab Emirates
President & CEO Manish Malhotra
Business description Connected services for mobility
Established 2013
Employees 10 (as of February 2021)

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