Mitsubishi Corporation (MC) has announced that it has decided to establish a new subsidiary to oversee its private-sector power generation usinesses in Southeast Asia. Details are as follows.
1. Reason for and Method of Establishment
In March 2006, MC established OneEnergy Limited (Headquarters: Cayman Islands, British overseas territory; “OE”), an equal joint venture (JV) with Hong Kong-based CLP Holdings Limited and has been developing private-sector power generation businesses in Southeast Asia and Taiwan mainly through this JV. MC has now decided to establish a subsidiary to oversee its private-sector power generation businesses in Southeast Asia and to make investments in OE through this subsidiary.
2. About the New Subsidiary
(1) Name Diamond Generating Asia Limited (planned)
(2) Representative Hideaki Tomiku
(3) Headquarters Hong Kong
(4) Establishment Late April 2009 (planned)
(5) Main business Private-sector power generation businesses in Southeast Asia and Taiwan
(6) Fiscal year-end March
(7) Capital US$512 million (planned)
(8) MC shareholding 100%
3. Impact on MC’s Operating Results
The establishment of this new subsidiary will have only a negligible effect on MC’s consolidated andnon-consolidated financial results for the fiscal year ending March 31, 2010.