Mitsui & Co., Ltd. ("Mitsui", Head Office: Tokyo, President & CEO: Masami Iijima) has reached an agreement with Mori Building Co., Ltd. ("Mori", Head Office: Tokyo, President: Shingo Tsuji) to sell its entire shares in its associated company, Shanghai Senmao International Real Estate Co., Ltd. ("Shanghai Senmao").
Mitsui will sell its shares for a 15% stake in Shanghai Senmao to Mori. Subject to the approval of Chinese authority on the transfer of its share, this transfer is scheduled to be executed around December 2014.
1. Outline of Shanghai Senmao
|Corporate Name||Shanghai Senmao International Real Estate Co., Ltd.|
|Address||1000 Lujiazui Ring Road. Pudong New Area, Shanghai|
|Year of Establishment||1994|
|Representative||Hiroo Mori, CEO|
|Amount of Capital||¥7.0 Billion|
|Major Shareholders||Mori Building Co., Ltd. 65%
Mitsui & Co., Ltd 15%
|Main Business||Owner and Operator of Hang Seng Bank Tower|
2. Outline of Mori
|Corporate Name||Mori Building Co., Ltd.|
|Address||Roppongi, Minato-ku, Tokyo|
|Year of Establishment||1959|
|Representative||Shingo Tsuji, President and CEO|
|No. of Employee||1,296 (as of April, 2014)|
|Amount of Capital||¥67.0 Billion|
|Main Business||Urban Development|
This announcement contains forward-looking statements. These forward-looking statements are based on Mitsui's current assumptions, expectations and beliefs in light of the information currently possessed by it and involve known and unknown risks, uncertainties and other factors. Such risks, uncertainties and other factors may cause Mitsui's actual results, financial position or cash flows to be materially different from any future results, financial position or cash flows expressed or implied by these forward-looking statements. These risks, uncertainties and other factors referred to above include, but are not limited to, those contained in Mitsui's latest Annual Securities Report and Quarterly Securities Report, and Mitsui undertakes no obligation to publicly update or revise any forward-looking statements.
This announcement is published in order to publicly announce specific facts stated above, and does not constitute a solicitation of investments or any similar act inside or outside of Japan, regarding the shares, bonds or other securities issued by us.