Mitsui Chemicals to transfer SSMC equity interest to Sinopec

Mitsui Chemicals (TSE:4183) announced that its Board of Directors has resolved to transfer all of its equity interest in Shanghai Sinopec Mitsui Chemicals Co., Ltd. ("SSMC") to Sinopec Shanghai Gaoqiao Petrochemical Co., Ltd. ("Gaoqiao Petrochemical"). The decision aligns with Mitsui Chemicals' strategic restructuring of its Basic & Green Materials ("B&GM") business, including its phenols operations. The transfer, expected to be completed in October 2025, follows similar moves, including the planned closure of its Ichihara phenol plant in October 2025 and the 2023 divestiture of its Singapore phenols business. SSMC, established in April 2006 with a capital of CNY2,147 million, manufactures and sells phenol and related derivatives. Mitsui Chemicals held a 50% stake in SSMC. The agreement is expected to be finalized by the end of June 2025. Mitsui Chemicals does not anticipate any revisions to its consolidated financial outlook for the fiscal year ending March 31, 2026, as a result of this transfer.