February 25, 2021
TOYOTA Connected Corporation
- 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.
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.
|Underwriter||Toyota Tsusho Corporation|
|Amount to be raised||250 million JPY|
after capital increase
|Toyota Tsusho Corporation 51%
TOYOTA Connected Corporation 49%
|Manish Malhotra||President & CEO|
|Yoshinori Matsuyama||Chief Operation Officer|
|Company name||Toyota Tsusho Connected Middle East FZCO. (“TTCME”)|
|Head office||Dubai, United Arab Emirates|
|President & CEO||Manish Malhotra|
|Business description||Connected services for mobility|
|Employees||10 (as of February 2021)|