Investment Firm Replaces IRCJ As Mitsui Mining Top Shareholder
Posted on: Friday, 2 December 2005, 18:00 CST
Tokyo, Dec. 2 (Jiji Press)--Struggling Mitsui Mining Co. said Friday that Daiwa Securities SMBC Principal Investments Co. has became its top shareholder, replacing government-backed Industrial Revitalization Corp. of Japan.
The change came as Daiwa Securities SMBC Principal Investments, one of the three sponsor firms supporting the mining firm's turnaround, has converted its holdings of Mitsui Mining preferred shares into common shares, Mitsui Mining said.
Following the conversion, the investment firm's equity stake in Mitsui Mining rose from 16.97 pct to 27.90 pct in terms of voting rights. IRCJ's stake fell to 13.32 pct from 19.36 pct.
Daiwa Securities SMBC Principal Investments, affiliated with Daiwa Securities Co. and Sumitomo Mitsui Banking Corp., was the second largest shareholder before the share conversion.
The two other sponsor firms--Nippon Steel Corp. and trading house Sumitomo Corp. --also converted their holdings of Mitsui Mining preferred shares into common shares. As a result, they both increased their stakes in Mitsui Mining from 7.99 pct to 12.98 pct while remaining the third largest shareholders.
The preferred shares that carried the rights for conversion into common shares were originally held by IRCJ. The government-linked body sold them to the three sponsor companies in March this year, and the conversion rights took effect in April.
Mitsui Mining said that the company will strive to ensure its turnaround on the back of continued support from the three firms. END
Source: Jiji Press English News Service
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