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Mitsui Becomes Master Developer in Malaysian Smart City Development
 

Tokyo, May 31, 2013 (JCN) - Mitsui & Co has acquired, through a Mitsui subsidiary, a 19.99% ownership stake in Medini Iskandar Malaysia Sdn Berhad ("MIM"), a company engaged in urban development of the Medini district in Johor State, Malaysia.

Through its wholly-owned holding company, Mitsui acquired a 14.99% stake of MIM shareholdings from Iskandar Investment Berhad ("IIB") which owns 75% of MIM, and acquired an additional 5% stake of MIM shareholdings from United World Infrastructure LLC("UWI"), an urban development company which owns 25% of MIM.

MIM engages in land development in the Medini district, occupying a tract in the Iskandar Project, a project led by the Malaysian government since 2006. MIM owns approximately 132 hectares of the Medini district which covers approximately 908 hectares. The Iskandar Project region itself is approximately 220,000 hectares.

MIM undertakes the land development, sales and leasing, as well as infrastructure building and potential operations of the Medini district owned by the company, and is committed to developing attractive urban areas in the district.

Urban development has already begun in the Medini zone, with the tract now hosting LEGOLAND Malaysia, Southeast Asia's first LEGOLAND theme park. The Iskandar region is attracting a great deal of interest in terms of prospects for future development, given its location adjacent to Singapore which is situated in the center of the rapidly growing Southeast Asian region.

Moreover, in line with its plans to achieve sustainable economic development of the Medini zone, MIM is setting out to create new service ventures as it works toward developing infrastructure incorporating environmentally-oriented smart technologies.

Mitsui decided to tackle the development of a smart city using multi-layered and integrated approaches, involving operations spanning urban and land development, infrastructure improvement as well as services for implementing smart technologies and to acquire a stake in MIM, the master developer in the Medini zone, as a business platform to actually implement our venture.

The decision to acquire ownership interest in a master developer has been geared toward enabling Mitsui's expansion in the infrastructure projects and township management businesses, targeted at establishing a platform that will lead to the advancement of the utilization of smart technology.

In turn, this fits in with Mitsui's aim of launching a new type of brand in the realm of urban development targeting the creation of comfortable, convenient and safe smart cities, while bringing on board exceptional technologies and services centering mainly on Japanese firms.

By Chris Lui Staff Writer

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