Mitsui & Co., Ltd. ("Mitsui") announced today that it has signed an agreement with San-ai Oil Co., Ltd. ("San-ai") to sell the whole shares in Kokusai Oil & Chemical Co., Ltd. ("KOC"), a 100% subsidiary engaged in sales of oil products. The transaction is scheduled to be completed in July 2008.
Mitsui recognizes that the transfer of KOC's share to San-ai is the best measure to enhance its operational efficiency in the highly competitive oil sales industry in Japan.
Mitsui expects that the influence on the consolidated financial results by this transaction will be insignificant.
Outline of KOC
||KOKUSAI OIL & CHEMICAL CO., LTD.
||2-7-1, Higashi-Nihombashi, Chuo-ku, Tokyo, Japan
||September 25, 1953
||¥100 million (as of March 31, 2007)
||¥1,988 million (as of March 31, 2007)
||¥26,658 million (as of March 31, 2007)
||¥239,101 million (fiscal 2007)
|Number of Employee
||263 (as of April 1, 2007)
|Principal Lines of Business
||1. Sale of oil and oil-related products
2. Service station operation
3. Real estate lease
||Mitsui & Co., Ltd. (100%)
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