Mitsui & Co., Ltd. ("Mitsui", Head Office: Tokyo, President and CEO: Kenichi Hori) previously announced the planned sale of all of its shares in PT Paiton Energy (“PE”) and two entities related to this business to RH International (Singapore) Corporation Pte. Ltd. (“RHIS”), a wholly-owned subsidiary of Ratch Group Public Company Limited (“RATCH”) and PT Medco Daya Energi Sentosa (“MDES”), a wholly-owned subsidiary of PT Medco Daya Abadi Lestari (“Medco”). The sale of shares was expected to close by the end of July, 2023 upon the completion of certain procedures as all condition precedents were fulfilled on June 27, 2023. The details were announced in the releases "Mitsui to divest shares in PT Paiton Energy" dated June 22, 2021, “Expected period to divest Mitsui's interests in power generation assets” dated May 2, 2022, “Partial change to buyers of PT Paiton Energy shares and expected timing of sale completion” dated February 15, 2023, and “The expected timing of sale completion of shares in PT Paiton Energy” dated July 3, 2023.
It has taken time to complete the certain procedures, and the completion timing for the sale of shares is expected to be further delayed.
The profit from this sale has been reflected in our forecasts for the fiscal year ending March 2024, announced on May 2, 2023, and Mitsui will announce the impact on both consolidated and standalone financial results immediately upon the sale completion.