ENP Newswire - 20 January 2014 Release date- 17012014 - Tokyo - On January 17 Mitsubishi Heavy Industries, Ltd. will establish a wholly owned finance subsidiary in Singapore to oversee the financial affairs of its group companies doing business in Asia . Its founding is a part of the company's ongoing development of unified financial management system of global scope, including Japan , North America , Europe , China and other points in Asia . Establishment of the new unit in Singapore is targeted at enhancing business funding efficiency and risk management capabilities within Asia . The move represents MHI's second establishment of a dedicated finance subsidiary overseas; earlier, a corresponding unit was created in the United States . The new finance subsidiary is to be known as MHI Capital Asia Pacific Private Ltd. (MCP-AP). Capitalization at the establishment will be 10 million Singapore dollars (approx. 800 million yen ). In addition to perform cash pooling and unified fund procurement, the new unit will oversee the other financial affairs of MHI group companies, gather financial information and perform other related duties in Asia . Until now, MHI has conducted cash management functions in North America , Europe , China and Japan . By the establishment of finance subsidiary in Singapore, structure necessary to build 'unified financial management system of global scope' will be further completed. Going forward MHI will organically link the activities of the finance subsidiaries in each region and continue global expansion of business. Contact: Mitsubishi Heavy Industries, Ltd. 16-5, Konan 2-chome Minato -ku Tokyo 108-8215, Japan Tel: +81-3-6716-3111
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