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Foreign investment proposal: Mitsui & Co Ltd and Nippon Shinpan Co Ltd - acquisition of 49% interest in mirage resorts



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C O M M O N W E A J " . i

P A R L IA M E N T A R Y LIBRARY MICAH

TREASURER [yRELEASEj) EMBARGO

STATEMENT BY THE TREASURER, THE HON P.J. KEATING, MP

FOREIGN INVESTMENT PROPOSAL: MITSUI & CO LTD AND NIPPON SHINPAN CO LTD - ACQUISITION OF 49% INTEREST IN MIRAGE RESORTS

The Government has decided to raise no objections in terms of foreign investment policy to a proposal for subsidiaries of Mitsui & Co Ltd (Mitsui) and Nippon Shinpan Co Ltd (Nippon Shinpan) to acquire a combined 49% interest in the Mirage

resorts at Port Douglas and the Gold Coast in Queensland.

Mitsui is a major Japanese trading group with extensive international interests and a long association with Australia. Its trading activities embrace machinery, steel, chemicals, petroleum, metals and foodstuffs.

Nippon Shinpan is Japan's leading consumer credit company with interests in financial services, insurance, leasing and real estate.

The Mirage resorts at Port Douglas and the Gold Coast are held by unit trusts owned by the Qintex Australia Ltd group.

The proposal involves Mitsui and Nippon Shinpan taking up a new issue of units which would result in them each holding a 24.5% interest in the trusts. The Qintex group would retain « 51% equity and management control.

The proposal comes within the scope of the Foreign Takeovers Act. Foreign investment policy for the tourism sector provides that proposals are approved unless judged contrary to the national interest. This proposal involves retention of 51% Australian ownership and is consistent with foreign

investment policy.

The Queensland Government was consulted in the examination of the proposal and raised no objections.

CANBERRA 31 March 1989

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