Mitsubishi Corporation and Mitsubishi Heavy Industries Undertake Strategic
Investment in Metito, the Leading Water Company in Emerging Markets
Initiative Targets Expansion into Water Business in Middle East, Africa and Asia
Tokyo, July 8, 2014 - (JCN Newswire) - Mitsubishi Corporation (MC) and
Mitsubishi Heavy Industries, Ltd. (MHI), together with the Japan Bank for
International Cooperation (JBIC), have agreed to acquire shares in Metito
Holdings Ltd. (Metito), the leader and provider of choice for total intelligent
water management solutions in the emerging markets, headquartered in Dubai. The
acquisition will allow MC and MHI to expand their presence in the water
business in fast-growing Middle Eastern, African and Asian markets.
MC and MHI will acquire 38.4% of ordinary shares in Metito from Gulf Capital,
one of the largest and most active alternative asset managers in the Middle
East, and other shareholders. JBIC will invest up to US$92 million in
classified shares to support Metito's growth opportunities.
Founded in 1958, Metito has built more than 3,000 facilities for water
desalination, water treatment, wastewater treatment and recycling, resulting in
a top five ranking - according to the International Desalination Association
(IDA) - in terms of number of installed desalination plants worldwide. Metito
also provides utility services in the U.A.E, Egypt and China.
MC has been building up management know-how in the water business through
investments in Japan, Australia, the Philippines and Chile. MHI has an
extensive track record in building large-size desalination plants in the Middle
East and has developed advanced technologies for water treatment. With these
strengths and support from JBIC, this partnership will accelerate the strategic
expansion of our water business globally.
Partnering with Metito, we envisage that we will contribute to enhancing the
living conditions of people and to preserving the environment in regions that
face issues such as water scarcity and lack of related infrastructure.
About Mitsubishi Corporation
Mitsubishi Corporation (MC; TSE: 8058) is a global integrated business
enterprise that develops and operates businesses across virtually every
industry including industrial finance, energy, metals, machinery, chemicals,
foods, and environmental business. MC's current activities are expanding
far beyond its traditional trading operations as its diverse business ranges
from natural resources development to investment in retail business,
infrastructure, financial products and manufacturing of industrial goods. With
over 200 bases of operations in approximately 80 countries worldwide and a
network of over 500 group companies, MC employs a multinational workforce of
nearly 60,000 people. For more information, please visit www.mitsubishicorp.com.
Telephone:+81 3 3210 2171
Facsimile:+81 3 5252 7705
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