Mitsui To Sell Equity Shares In Australian Coking Coal Business

Mitsui & Co., Ltd (MITSF.PK,MITSY.PK), which currently holds 20% stake in Stanmore SMC Pty Ltd jointly with Mitsui & Co. (Australia) Ltd. or "MAL", said Friday that it has decided to sell all of its shares in SMC held by Mitsui and MAL to an Australian subsidiary of Stanmore Resources Limited, a coal mining company and 80% shareholders of SMC, listed on the Australian Stock Exchange engaged in the coal business in Australia, for US$380 million.

Mitsui said it expects to complete the transaction during the fiscal year ending March 2023.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Japanese entrepreneur Yusaku Maezawa has selected ten crewmembers, comprising artists, content creators, and athletes, to fly with him on SpaceX's Starship around the Moon on the dearMoon mission. SpaceX's first private lunar flight with dearMoon crew, including two backups, is planned to take place in 2023. Maezawa announced the crew for the mission in a YouTube video and a tweet. SpaceX, owned by Elon Musk, has launched 40 satellites of British communications network OneWeb into orbit. From NASA's Kennedy Space Center or KSC in Florida, Falcon 9 rocket on Thursday evening carried the satellites. The Falcon 9's first stage separated, and it then returned to Earth to make a landing on a SpaceX pad at the nearby Cape Canaveral Space Force Station. Google, owned by Alphabet Inc., plans to merge its teams working on Maps products and the mapping service Waze with effect from December 9, reports said. The decision to consolidate processes comes as the search giant is facing pressure to streamline operations and cut costs. The restructuring is expected to reduce overlapping work across the Waze and Maps products.
Follow RTT