The Bank of Saga Ltd. cancelled the acquisition of 93.75% stake in Sagin Capital & Consulting Co., Ltd. from JAFCO Co., Ltd., Tokiwa Shoji Co. Ltd., Sagin Lease Co., Ltd., Sagin Shinyo Hosho Co., Ltd. and Sagin Computer Service Co., Ltd.
November 08, 2018
Share
The Bank of Saga Ltd. (TSE:8395) agreed to acquire remaining 93.75% stake in Sagin Capital & Consulting Co., Ltd. from JAFCO Co., Ltd. (TSE:8595), Tokiwa Shoji Co. Ltd., Sagin Lease Co., Ltd., Sagin Shinyo Hosho Co., Ltd. and Sagin Computer Service Co., Ltd. for approximately ¥240 million on November 8, 2017. The definitive agreement is expected to be signed by November 17, 2017 between the parties involved in the transaction. Under the terms of the transaction, The Bank of Saga Ltd. will acquire 1500 shares of Sagin Capital & Consulting Co., Ltd. Sagin Lease Co., Ltd. will sell 12.5% stake, Sagin Shinyo Hosho Co., Ltd. will sell 12.5% stake, Tokiwa Shoji Co. Ltd. will sell 25% stake, Sagin Computer Service Co., Ltd. will sell 12.5% stake and JAFCO Co., Ltd. (TSE:8595) will sell 31.25% stake. In a related transaction, The Bank of Saga Ltd. (TSE:8395) agreed to acquire remaining stakes in Sagin Computer Service Co., Ltd., Sagin Shinyo Hosho Co., Ltd. and Sagin Lease Co., Ltd. Upon completion, Sagin Capital & Consulting Co., Ltd. will become wholly owned subsidiary of The Bank of Saga Ltd.
For the period ended March 2017, Sagin Capital & Consulting Co., Ltd. reported total revenues of ¥45 million, total assets of ¥221 million, operating income of ¥19 million, net income of ¥13 million and net assets of ¥190 million. The transaction was resolved by the board of directors of The Bank of Saga Ltd. The transaction is expected to close between November 20, 2017 to November 22, 2017.
The Bank of Saga Ltd. (TSE:8395) cancelled the acquisition of 93.75% stake in Sagin Capital & Consulting Co., Ltd. from JAFCO Co., Ltd. (TSE:8595), Tokiwa Shoji Co. Ltd., Sagin Lease Co., Ltd., Sagin Shinyo Hosho Co., Ltd. and Sagin Computer Service Co., Ltd. on November 8, 2018.
JAFCO Group Co Ltd, formerly JAFCO Co Ltd, is a Japan-based company engaged in venture investment and buyout investment business through fund management. The Company operates Fund Management business segment. The Funds are recruited from institutional investors and operating companies about once every three years. The Company also invests its own funds in all funds and commits itself to improving fund performance. The main sources of revenue are capital gains through fund investments, fund management fees, and performance fees. The Company operates business in Japan, the United States, Asia and other countries.
The Bank of Saga Ltd. cancelled the acquisition of 93.75% stake in Sagin Capital & Consulting Co., Ltd. from JAFCO Co., Ltd., Tokiwa Shoji Co. Ltd., Sagin Lease Co., Ltd., Sagin Shinyo Hosho Co., Ltd. and Sagin Computer Service Co., Ltd.
JAFCO GROUP CO., LTD. 
