TOKYO, Jun 25 (Pulse News Wire) – Sojitz Corporation (2768.T) announced plans to sell all shares of its oil exploration subsidiary, Sojitz Energy Development Limited (SEDL), to NEO NEXT+ ENERGY UPSTREAM UK LIMITED (NEO Energy). The sale, effective in June 2026, follows structural reforms aimed at streamlining operations.
Prior to the sale, SEDL's capital was approximately ¥604.3 million GBP, increasing to around ¥1.5 billion GBP post-increase. Following the transaction, SEDL will cease being a significant subsidiary of Sojitz.
The deal involves transferring 83,452 shares valued at $2.5 million, contingent upon adjustments based on cash balances and working capital in the UK. In recent years, SEDL reported declining net assets and revenues, with a lower net profit of $8.4 million in fiscal 2025.
The divestiture is expected to have a minor impact on Sojitz’s overall performance.
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