Mitsubishi Corporation (MC) and Mitsubishi Heavy Industries, Ltd. (MHI), together with the Japan Bank for International Cooperation (JBIC), have agreed to acquire shares in Metito Holdings Ltd. (Metito), the leader and provider of choice for total intelligent water management solutions in the emerging markets, headquartered in Dubai. The acquisition will allow MC and MHI to expand their presence in the water business in fast-growing Middle Eastern, African and Asian markets.
MC and MHI will acquire 38.4% of ordinary shares in Metito from Gulf Capital, one of the largest and most active alternative asset managers in the Middle East, and other shareholders. JBIC will invest up to US$92 million in classified shares to support Metito’s growth opportunities.
Founded in 1958, Metito has built more than 3,000 facilities for water desalination, water treatment, wastewater treatment and recycling, resulting in a top five ranking - according to the International Desalination Association (IDA) - in terms of number of installed desalination plants worldwide. Metito also provides utility services in the U.A.E, Egypt and China.
MC has been building up management know-how in the water business through investments in Japan, Australia, the Philippines and Chile. MHI has an extensive track record in building large-size desalination plants in the Middle East and has developed advanced technologies for water treatment. With these strengths and support from JBIC, this partnership will accelerate the strategic expansion of our water business globally.
Partnering with Metito, we envisage that we will contribute to enhancing the living conditions of people and to preserving the environment in regions that face issues such as water scarcity and lack of related infrastructure.
Headquarters ：6-1, Marunouchi 2-Chome, Chiyoda-ku, Tokyo, 100-8086, Japan
Establishment ：April, 1950
Capital ：204.4 billion yen (As of March 31, 2014)
No. of Employees ： 68,383 (Consolidated / As of March 31, 2014)
Representative ：Ken Kobayashi, President and CEO
Mitsubishi Heavy Industries, Ltd.
Headquarters ：16-5 Konan 2-chome, Minato-ku, Tokyo
Establishment ：January, 1950
Capital ：265.6 billion yen (As of March 31, 2014)
No. of Employees ：80,583 (Consolidated / As of March 31, 2014)
Representative ：Shunichi Miyanaga, President and CEO
Japan Bank for International Cooperation (JBIC)
Headquarter ：4-1 Ohtemachi 1-chome, Chiyoda-ku, Tokyo 100-8144, Japan
Establishment ：April, 2012 (former Export-Import Bank of Japan was established in 1950)
Capital ：1,360.0billion yen (As of March 31, 2014 / 100% Government-owned)
Employee ：531 (Budget for JFY2014 base)
Representative ：Hiroshi Watanabe, Governor
Metito Holding Ltd．
Headquarters ：Dubai, United Arab Emirates
No. of Employees ：2,265 (As of March 31, 2014).
Representative ：Mutaz Ghandour, CEO