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- Mitsui & Co., Ltd.
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- Mitsui & Co., Ltd.
Corporate Communications Division
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Main Contents
Mitsui & Co., Ltd. ("Mitsui", Head Office: Tokyo, President and CEO: Kenichi Hori) hereby announces that today it decided to divest all of its owned shares (28% of issued shares) in International Power (Australia) Holdings Pty Limited ("IPAH"), that operates power generation, and electricity and gas retail services in Australia, to a subsidiary of the French company, ENGIE S.A. ("ENGIE"), a joint investor in IPAH, and has signed a share sale and purchase agreement (the "Transaction").
While Mitsui has been contributing to the stable supply of electricity and gas in Australia through IPAH, this Transaction is to be carried out as part of an ongoing strategy to reconfigure its business portfolio.
1. Overview of IPAH
| (1) Name | International Power (Australia) Holdings Pty Limited | |
|---|---|---|
| (2) Location | Southbank VIC 3006, Australia | |
| (3) Title and name of representative | Rik DeBuyserie (CEO) | |
| (4) Description of business | Power generation (thermal, wind), electricity and gas retail services | |
| (5) Date of establishment | June 10, 2003 | |
| (6) Major shareholders and ownership ratios | International Power Ltd*1 72% Karugamo Energy Management Pty. Limited*2 28% |
|
| (7) Relationship between Mitsui and the said company | Capital relationship | IPAH is 28% owned by Mitsui |
| Personnel relationship | Mitsui dispatches a director and an employee to IPAH | |
| Business relationship | None | |
*1 A subsidiary 100% owned by ENGIE
*2 A subsidiary 100% owned by Mitsui
2. Overview of the counterparty to the acquisition of shares
| (1) Name | ENGIE S.A. | |
|---|---|---|
| (2) Location | 1 Pl. Samuel de Champlain, 92400 Courbevoie, France | |
| (3) Description of business | Power, natural gas and energy services | |
| (4) Relationship between Mitsui and the said company | Capital relationship | None |
| Personnel relationship | None | |
| Business relationship | Collaboration in various power generation projects and other related businesses | |
3. Number of shares transferred, transfer price, and shareholding before and after the transfer
| (1) Number of shares held before the change | 127,623,656 shares (Ratio of voting rights held: 28%) |
|---|---|
| (2) Number of shares transferred | 127,623,656 shares |
| (3) Number of shares held after the change | 0 shares (Ratio of voting rights held: 0%) |
| (4) Transfer price | The transfer price is not disclosed based on an agreement between the parties. |
4. Schedule
| (1) Date of internal approval | November 22, 2023 |
|---|---|
| (2) Date of agreement signing | November 22, 2023 |
| (3) Completion date of the transfer | During the fiscal year ending March 2024 (scheduled) |
5. Outlook for the future
This Transaction is expected to be completed by the end of the fiscal year ending March 2024, subject to the satisfaction of conditions precedent, such as the approval of Foreign Investment Review Board in Australia. Mitsui will record a profit following the completion of the Transaction, which has been reflected in Mitsui's forecast for the fiscal year ending March 2024 announced on October 31, 2023.