Initiative Targets Expansion into Water Business in Middle East, Africa and Asia 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$92M 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 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, visit www.mitsubishicorp.com.
SOURCE: Mitsubishi Corporation