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Next, I will explain the Group's new management structure.
To fully harness the Group's comprehensive capabilities, we will transform to a pure holding company structure that clarifies the segregation of the roles of management and execution.
In this transformation of the management structure, we will adopt a method of a joint share transfer, in which shares of Tokyu Fudosan Holdings Corporation, a new company established from the three listed companies, are allocated to the shareholders of the three companies.
In the lower chart, we have presented the new management structure of the Group from October 1, 2013. Tokyu Fudosan Holdings Corporation, a new company, will become a listed company and the three presently listed companies will be delisted and become wholly owned subsidiaries of Tokyu Fudosan Holdings Corporation.
Moreover, as presented on the right hand side of the organizational chart, Tokyu Fudosan Holdings Corporation, a pure holding company, will mainly assume management functions by taking on roles such as preparing the Group's management strategies, demonstrating functions to appropriately distribute management resources, and creating synergies.
On the other hand, operating companies will assume business execution functions by focusing on their main businesses in accordance with the Group strategies and carrying out their operations in a more flexible manner.
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