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MBK Real Estate LLC ("MRE"), a wholly owned subsidiary of Mitsui & Co., Ltd. ("Mitsui," head office: Tokyo, President and CEO: Kenichi Hori), conducted a capital increase in its wholly owned subsidiaries: MBK Homes LLC ("MH") and MBK Rental Living LLC ("MRL"), on October 6, 2023. As a result, MH and MRL met the criteria to become designated as specified subsidiaries*1 of Mitsui, as the capital of each company became 10% or more of Mitsui's capital. However, it has been discovered that a disclosure in accordance with this had not been made.
Below are the details regarding the changes to the specified subsidiaries. Mitsui sincerely apologizes for the delay in disclosure.
1. Overview of the specified subsidiaries
MBK Homes LLC (MH)
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| (1) Name | MBK Homes LLC | |||
|---|---|---|---|---|
| (2) Location | California, US | |||
| (3) Title and name of representative | Director, Kenji Iwai Director, Masafumi Kamiya |
|||
| (4) Description of business | Development and leasing of rental housing in the US | |||
| (5) Capital | 417 million USD | |||
| (6) Date of establishment | June 7, 2005 | |||
| (7) Large shareholder and ownership ratio | MBK Real Estate LLC (100%) | |||
| (8) Relationship with Mitsui | Capital relationship | Mitsui owns 100% through its subsidiary | ||
| Personnel relationship | Two part-time directors appointed by Mitsui | |||
| Business relationship | None | |||
| (9) Consolidated operating results and financial position for the last three fiscal years in million JPY (conversion rate: USD/JPY 150) | ||||
| Fiscal years ended | March 2024 | March 2025 | March 2026 | |
| Total assets | 61,140 | 66,534 | 72,589 | |
| Net assets | 45,823 | 57,834 | 63,824 | |
| Revenue | 3,689 | 3,375 | 2,237 | |
| Profit for the year attributable to owners of the parent | 7,010 | 3,108 | -1,151 | |
MBK Rental Living LLC (MRL)
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| (1) Name | MBK Rental Living LLC | |||
|---|---|---|---|---|
| (2) Location | California, US | |||
| (3) Title and name of representative | Director, Kenji Iwai Director, Masafumi Kamiya |
|||
| (4) Description of business | Development and leasing of rental housing in the US | |||
| (5) Capital | 414 million USD | |||
| (6) Date of establishment | April 29, 2015 | |||
| (7) Large shareholder and ownership ratio | MBK Homes LLC (100%) | |||
| (8) Relationship with Mitsui | Capital relationship | Mitsui owns 100% through its subsidiary | ||
| Personnel relationship | Two part-time directors appointed by Mitsui | |||
| Business relationship | None | |||
| (9) Consolidated operating results and financial position for the last three fiscal years in million JPY (conversion rate: USD/JPY 150) | ||||
| Fiscal years ended | March 2024 | March 2025 | March 2026 | |
| Total assets | 58,317 | 63,300 | 70,367 | |
| Net assets | 44,314 | 55,076 | 62,269 | |
| Revenue | 3,689 | 3,375 | 2,237 | |
| Profit for the year attributable to owners of the parent | 7,041 | 3,200 | -1,167 | |
2. Details of the capital increase
| (1) Payment date | October 6, 2023*2 |
|---|---|
| (2) Amount of capital increase | 12 million USD (1.8 billion JPY)*3 |
| (3) Capital amount after capital increase | MH: 279 million USD (41.5 billion JPY)*3 *4 MRL: 277 million USD (41.2 billion JPY)*3 *4 |
| (4) Ownership ratio after capital increase | 100% |
3. Impact on Mitsui's financial results
There is no impact on Mitsui's financial results for the fiscal year ending March 2027.
*1 Refers to a subsidiary that meets any of the following criteria (Article 19, Paragraph 10 of the Cabinet Office Ordinance on Disclosure of Corporate Information).
(1) Sales to or purchases from the parent company account for 10% or more of the parent company's purchases or sales.
(2) Net assets account for 30% or more of the parent company's net assets.
(3) Capital or amount of investment is 10% or more of the capital of the parent company.
*2 Payment from MRE to MH, and from MH to MRL.
*3 Converted at a rate of USD/JPY 148.75 (exchange rate applied at the payment date)
*4 As there have been changes in stated capital after the above payment date, the amount differs from that shown in "1. Overview of the specified subsidiaries (5) Capital".
