Mitsui to Divest Its Interest in MT Falcon Holdings

Source: www.gulfoilandgas.com 9/16/2021, Location: South America

Mitsui & Co., Ltd. ("Mitsui", Head Office: Tokyo, President and CEO: Kenichi Hori) has entered into a sale and purchase agreement with Actis GP LLP ("Actis"), in which Mitsui will sell all of its 40%-owned shares in MT Falcon Holdings S.A.P.I.de C.V. ("MT Falcon").

MT Falcon owns and operates 5 gas combined-cycle power plants and a gas-pipeline in Mexico, and since Mitsui's participation in the business as an operator in 2010, Mitsui has contributed to local communities and industries in Mexico with stable supply of electricity. Mitsui will continuously contribute to development and enhance quality of life in Mexico with its own businesses.

This transaction is expected to close before the end of fiscal year ending March 2022 subject to completion of certain conditions precedent, including the relevant regulatory approvals. Following the completion of the transaction, Mitsui will record approximately ¥7.8 billion as the loss from this transaction. The expected loss has not been incorporated in Mitsui's forecasts for the fiscal year ending March 2022 announced on August 3, 2021.


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