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Japan’s Mitsubishi, JBIC Invest in U.A.E.’s Metito Holdings

July 7 (Bloomberg) -- Mitsubishi Corporation., Mitsubishi Heavy Industries Ltd. and Japan Bank for International Cooperation have invested in United Arab Emirates’s clean and waste water management solutions company Metito Holdings Ltd.

The Mitsubishi companies will together acquire 38.4 percent of Metito, mostly from Abu Dhabi-based private equity company Gulf Capital, while JBIC will invest $92 million in the company’s preference shares, Metito said in an e-mailed statement today. Gulf Capital’s holding in Metito will be 23.8 percent and that of the Washington-based International Finance Corp. will be 3 percent, according to the statement.

This partnership “will expedite the company’s growth opportunities and allow us to become more competitive globally,” Mutaz Ghandour, Metito’s chief executive officer said in the statement. The company, which employs about 2,200 people, has executed water and waste water projects valued at more than $1 billion worldwide, it said in the statement.

Gulf Capital, which became a majority investor in Metito in 2006, has achieved more than its targeted return of three times its investment, according to the statement. Metito’s profit has risen at an annual compound rate of 34 percent over the last eight years and revenue by 17 percent, it said.

To contact the reporter on this story: Arif Sharif in Dubai at asharif2@bloomberg.net

To contact the editors responsible for this story: Samuel Potter at spotter33@bloomberg.net Dana El Baltaji, Matthew Brown

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