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MarketScreener Homepage  >  Equities  >  Tokyo Stock Exchange  >  Mitsubishi Corporation    8058   JP3898400001

MITSUBISHI CORPORATION

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Mitsubishi Corporation : Signs Contract with Egyptian Government for Phase 1 of Cairo Metro Line 4

11/24/2020 | 12:47am EST

TOKYO, Nov 24, 2020 - (JCN Newswire) - - Mitsubishi Corporation (MC) is pleased to announce that its consortium with Orascom Construction (Orascom) etc. has signed a contract with the Egyptian government to deliver the Railway Systems, Track and Depot Works Package (CP411) for Phase 1 of Cairo Metro Line 4.

The roughly 90 billion yen contract is with the National Authority for Tunnels (NAT), an agency that operates under the jurisdiction of the Arab Republic of Egypt'sMinistry of Transport. Orascom is a Cairo-based engineering, procurement and construction contractor.

Under the terms of the contract, MC will supply the equipment necessary to build the railway systems and be responsible for related administrative work. Orascom will handle the project?s civil engineering work and construction of the train operation control center and other facilities. Funded through an international yen loan provided by the Japan International Cooperation Agency (JICA), Phase 1 of Cairo Metro Line 4 project including CP411 will take advantage of advanced railway technologies developed in Japan. It will also be the first yen-loan project in Egypt under JICA's Special Terms for Economic Partnership (STEP) project.

Phase 1 of Cairo Metro Line 4 will run from central Cairo to the Giza Pyramid Complex in the southwestern part of Greater Cairo. Ongoing urbanization in the Egyptian capital has resulted in its rapid population and traffic growth, and the development of public transportation infrastructure has become a matter of urgency for city officials. Not only is Line 4 expected to help ease Greater Cairo's traffic congestion, but it also has tremendous potential as a tourist line connecting central Cairo to the pyramids and the Grand Egyptian Museum, which is currently under construction.

MC has been delivering rolling stock to Egypt for more than 50 years, and to date has supplied the country with approximately 1,600 railway cars. Through sustained, proactive engagement in the country?s rail projects, MC remains committed to helping Egypt upgrade its transportation infrastructure and further its economic growth and development.

About Mitsubishi Corporation

Mitsubishi Corporation, headquartered in Tokyo, is a global integrated business enterprise that develops and operates business across virtually every industry including industrial finance, energy, metals, machinery, chemicals, foods, and environmental business. Mitsubishi Corporation's current activities are expanding far beyond its traditional trading operations as its diverse business ranges from natural resources development to investment in retail business, infrastructure, financial products and manufacturing of industrial goods.

For more information on Mitsubishi Corporation, please visit the company's website at https://www.mitsubishicorp.com/jp/en/.

Contact:

Mitsubishi Corporation
Telephone:+81-3-3210-2171
Facsimile:+81-3-5252-7705

Copyright 2020 JCN Newswire . All rights reserved.

© Japan Corporate News, source JCN Press Releases

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Financials
Sales 2021 11 743 B 113 B 113 B
Net income 2021 222 B 2 138 M 2 138 M
Net Debt 2021 4 650 B 44 708 M 44 708 M
P/E ratio 2021 17,8x
Yield 2021 5,02%
Capitalization 3 942 B 38 022 M 37 900 M
EV / Sales 2021 0,73x
EV / Sales 2022 0,65x
Nbr of Employees 77 164
Free-Float 95,0%
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Mean consensus OUTPERFORM
Number of Analysts 10
Average target price 2 840,00 JPY
Last Close Price 2 671,00 JPY
Spread / Highest target 25,4%
Spread / Average Target 6,33%
Spread / Lowest Target -6,40%
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Managers and Directors
NameTitle
Takehiko Kakiuchi President & Representative Director
Ken Kobayashi Chairman
Kazuyuki Masu CFO, Representative Director & Head-Corporate
Akira Murakoshi Director, Chief Digital Officer & Head-Personnel
Akihiko Nishiyama Independent Outside Director
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