The board of directors of Ube Industries,Ltd. (President: Kazumasa Tsunemi), at a meeting today, approved an agreement to sell 13.5% of the outstanding shares of Seibu Oil Co. to Showa Shell Sekiyu KK (Chairman/CEO: Haruyuki Niimi).
The transaction will reduce Ube's stake in Seibu Oil to 11.0% from 24.5%. Even after the transaction, Ube intends to maintain cooperative relations with Showa Shell and with the other major shareholders in Seibu Oil, and to support the further strengthening and development of Seibu Oil's competitiveness through joint discussions.
The sale is expected to be finalized in mid-March. The impact of the sale on Ube's profit/loss is already reflected in the earnings forecast released today, February 10.
|Head Office||8-7 Sanban-cho, Chiyoda-ku, Tokyo|
|Refinery||5 Nishioki, Onoda City, Yamaguchi|
|Capacity||120,000 barrels per day|