Mitsubishi Heavy Industries, Ltd. (MHI) and Mitsubishi Corporation (MC), together with the Japan Bank for International Cooperation (JBIC), have agreed to acquire shares in Metito Holdings Ltd., the leader and provider of choice for total intelligent water management solutions in the emerging markets, headquartered in Dubai. The acquisition will allow MHI and MC to expand their presence in the water business in fast-growing Middle Eastern, African and Asian markets.
Mitsubishi 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.MHI has an extensive track record in building large-size desalination plants in the Middle East and has developed advanced technologies for water treatment. MC has been building up management know-how in the water business through investments in Japan, Australia, the Philippines and Chile. 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.