Feb. 27, 2020
Sherritt’s Submission of Plan of Arrangement under Canada Business Corporations Act
Sumitomo Corporation (Head Office: Chiyoda-ku, Tokyo; President and CEO: Masayuki Hyodo) hereby announces that under the terms of the Ambatovy Joint Venture Shareholders Agreement, which is an agreement between Sumitomo Corporation, Sherritt International Corporation (“Sherritt”) and Korea Resources Corporation (“KORES”) for the Ambatovy Nickel Project (“Ambatovy”) in Madagascar, on February 26th(local time), Sherritt disclosed the submission of Plan of Arrangement under Canada Business Corporations Act (“CBCA”) and announced the commencement of its arrangement process.
Under this process, Sherritt announced that they intended to discuss on the exchange of their financial loans owed to Sumitomo Corporation and KORES with Sherritt’s shares in the Ambatovy.
Sumitomo Corporation will discuss further with Sherritt on this matter.