Mitsubishi Corporation sells 40% stake in Daiya Malaysia
8/16/95
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Headline: Mitsubishi Corporation sells 40% stake in Daiya Malaysia
Source: Rainforest Action Network
Date: 8/l6/95
Mitsubishi Corporation sells 40% stake in Daiya Malaysia
Tokyo, Japan, August 4... Mitsubishi Corporation today announced that
it has sold its 40% share of Daiya Malaysia Sdn. Bhd., a tropical wood
harvesting operation. The sale is part of Mitsubishi Corporation's
efforts to focus on core business areas and investments most closely
aligned withe the development of future business.
According to Michimasa Yoshida, General Manager of Mitsubishi
Corporation's Wood Products Department, the commpany has sold its share
of Daiya Malaysia to its joint venture partner, Mr. Leong Wing Bing.
Mitsubishi Corporation will use the proceeds of the sale to explore
further investment in areas such as multimedia, telecommunications, and
new, Internet-related marketing technologies.
"Mitsubishi Corporation is a dynamic, forward-looking company that
continually seeks new promising areas of business. This will, on
occasion, lead us to redeploy our assets towards higher value-added
activities. We will continue to place emphasis on the environmental
aspects of our business decisions and work with companies that agree
with our commitment to sustainable forest management," said Mr. Yoshida.
One of Japan's foremost integrated trading companies, Mitsubishi
Corporation offers a wide spectrum of services to satisfy the diverse
need of is clients worldwide.
(The Rainforest Action Network is said to be studying this announcement
and is expected to respond once certain details are confirmed about the
actual sale of shares. Watch this conference for RAN's formal response.)