Sep. 01, 2020
Announcement on the completion of Sherritt’s capital restructuring process
Sumitomo Corporation (Head Office: Chiyoda-ku, Tokyo; President and CEO: Masayuki Hyodo) hereby announces the completion of Sherritt International Corporation (“Sherritt”)’s capital restructuring process under the Canada Business Corporation Act.
As previously announced on July 27th, following the orders of the Plan of Arrangement approved by the Canadian court, Sumitomo Corporation has exchanged Sherritt’s financial loan owed to Sumitomo Corporation with Sherritt’s corresponding shares in Ambatovy Nickel Project(“Ambatovy”). As a result of this exchange, Sumitomo Corporation’s shares of Ambatovy will increase to 54.17%. As Ambatovy will continue to be a jointly controlled entity, it will remain as an Equity Method Affiliated Company of Sumitomo Corporation.