Mar. 24, 2017
Mitsui Chemicals Agro, Inc. announced that MCAG acquired additional shares of Sotus International Co., Ltd. (SOTUS), an agrochemicals company in the Kingdom of Thailand. Having reached a share sale and purchase agreement with individual shareholders of SOTUS, MCAG acquired further 1.5% shares of SOTUS to increase its shareholding ratio to 17.7% of SOTUS’ total shares.
To enhance overseas business, MCAG had reached an agreement on business and capital tie-up with SOTUS to acquire 10% of its outstanding shares in 2011, for the purpose to secure a production base in the growing South East Asian markets. In 2013, in order to strengthen its development capability, MCAG established a formulation research center together with SOTUS, who therefore has become a more important partner to MCAG. In 2016, for reinforcing this partnership, MCAG acquired 6.2% shares of SOTUS from Pacific Agriscience Pte., LTd.
The present transaction will enable MCAG to tie-up more profoundly with SOTUS and to drive further success by accelerating development of new products in South East Asian markets.