BREAKING NEWS

BREAKING NEWS

Mitsubishi's CFO says firm has no plan to trim stake in Singapore's Olam

Mitsubishi's CFO says firm has no plan to trim stake in Singapore's Olam
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Kim Kyung Hoon(Reuters)
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TOKYO (Reuters) - Mitsubishi Corp booked an impairment loss of about 28 billion yen ($255 million) on its stake in Olam International in the October-December quarter but it has no plan to trim its stake in the Singaporean commodity trader, its CFO said on Tuesday.

Japan's biggest trading house also took an impairment loss of about 31 billion yen on its investment in iron ore mines in Chile in the same quarter due to an extra environmental cost and a repair cost for a broken shiploader at a port, Chief Financial Officer Kazuyuki Masu told a news conference.

Olam said last month that it plans to invest $3.5 billion into key growth areas, such as edible nuts, coffee and cocoa, over the next few years, while exiting four existing businesses to raise funds.

(Reporting by Yuka Obayashi; Editing by Muralikumar Anantharaman)

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