Yahoo! Asia News: Japan's Showa Shell to take 6.58 pct stake in AOC: Friday September 16, 2005
TOKYO, Sept 16 (Reuters) - Showa Shell Sekiyu K.K. , Japan's sixth-largest refiner and an affiliate of Royal Dutch Shell , said on Friday it would take a 6.58 percent stake in Japanese oil company AOC Holdings .
AOC said it would issue 8.9 billion yen ($80.45 million) of new shares to Showa Shell in order to cooperate in importing crude oil and expand product sales to targeted overseas markets.
Showa Shell currently has no holdings in the AOC group, which consists of upstream oil and gas unit Arabian Oil and refinery unit Fuji Oil.
AOC will also sell 9.56 billion yen in treasury stocks mainly to Showa Shell, chemical maker Sumitomo Chemical Co. and shipping firm Nippon Yusen K.K. .
Sumitomo Chemical's shareholding in AOC will increase to 6.46 percent from 4.07 percent after the sale, and that of Nippon Yusen will be raised to 3.52 percent from 1.64 percent. ($1=110.62 yen)
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