MHI Establishing Finance Subsidiary in Singapore As Part of Initiative to Forge Unified Global Financial Management System
October 24, 2014     Japanese 
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MHI Establishing Finance Subsidiary in Singapore As Part of Initiative to Forge Unified Global Financial Management System - JCN Newswire
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MHI Establishing Finance Subsidiary in Singapore As Part of Initiative to Forge Unified Global Financial Management System
 
Second Dedicated Unit after Earlier Subsidiary Created in the U.S.

Tokyo, Jan 16, 2014 - (JCN Newswire) - On January 17 Mitsubishi Heavy Industries, Ltd. (MHI) will establish a wholly owned finance subsidiary in Singapore to oversee the financial affairs of its group companies doing business in Asia. Its founding is a part of the company's ongoing development of unified financial management system of global scope, including Japan, North America, Europe, China and other points in Asia. Establishment of the new unit in Singapore is targeted at enhancing business funding efficiency and risk management capabilities within Asia. The move represents MHI's second establishment of a dedicated finance subsidiary overseas; earlier, a corresponding unit was created in the United States.

The new finance subsidiary is to be known as MHI Capital Asia Pacific Private Ltd. (MCP-AP). Capitalization at the establishment will be 10 million Singapore dollars (approx. 800 million yen). In addition to perform cash pooling and unified fund procurement, the new unit will oversee the other financial affairs of MHI group companies, gather financial information and perform other related duties in Asia.

Until now, MHI has conducted cash management functions in North America, Europe, China and Japan. By the establishment of finance subsidiary in Singapore, structure necessary to build "unified financial management system of global scope" will be further completed.

Going forward MHI will organically link the activities of the finance subsidiaries in each region and continue global expansion of business.

About Mitsubishi Heavy Industries

Since its foundation in 1884, Mitsubishi Heavy Industries (MHI) has sought pioneering new monodzukuri (manufacturing) techniques, building the foundations for the development of the entire industry. Today, with environmental and energy issues to the fore, MHI provides people around the world with eco-friendly products, and contributes to society through its involvement in global infrastructure projects and other business activities. For more information, please visit the MHI website at www.mhi.co.jp.

Contact:

Mitsubishi Heavy Industries
Hideo Ikuno
h.ikuno@daiya-pr.co.jp
+81-3-6716-5277

 


Jan 16, 2014
Source: Mitsubishi Heavy Industries

Mitsubishi Heavy Industries (TSE: 7011) (U.S: MHVYF)

From the Japan Corporate News Network
http://www.japancorp.net
Topic: Establish Subsidiary
View more news from these Sectors: Financial General, Engineering


 
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