SBI AXES Co., Ltd. completed the acquisition of SBI Remit Co Ltd. from SBI Holdings, Inc..
April 01, 2017
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SBI AXES Co., Ltd. (KOSDAQ:A950110) agreed to acquire SBI Remit Co Ltd from SBI Holdings, Inc. (TSE:8473) for ¥1.6 billion on March 31, 2017. SBI AXES acquired 0.02 million shares. In related transactions, SBI AXES Co., Ltd. will acquire 0.02 million SBI Business Solutions Co., Ltd for KRW 12.9 billion (¥1.3 billion) and 0.02 million shares of SBI Social Lending Co Ltd. for KRW 5.99 billion (¥5.97 million). SBI AXES will pay consideration on April 18, 2017. The contract conclusion date is April 1, 2017. SBI AXES plans to issue new shares by third-party allotment of ¥1.3 billion in total with SBI Holdings, Inc as the allottee. SBI AXES will pay for SBI Remit through retained funds and paid-in capital increase. SBI AXES Co., Ltd. will operate SBI Remit Co Ltd as wholly owned subsidiary. On July 1, 2017, SBI AXES Co., Ltd will change company name into SBI FinTech Solutions Co Ltd.
During the year ended March 31, 2016, SBI Remit Co., Ltd had total assets of ¥907.43 million, sales of ¥1.05 billion, and net profit of ¥109.63 million. Board of Directors of SBI AXES Co., Ltd. made a resolution in favor of the transaction on March 31, 2017. The scheduled acquisition date of SBI Remit Co Ltd is April 1, 2017. KPMG FAS Co., Ltd acted as external rating institution.
SBI AXES Co., Ltd. (KOSDAQ:A950110) completed the acquisition of SBI Remit Co Ltd. from SBI Holdings, Inc. (TSE:8473) on April 1, 2017.
SBI FinTech Solutions Co Ltd is a Japan-based comprehensive fintech solutions company that operates payment service business, software as a back-office service (SaaS) business, and international remittance business. The Company operates in three business segments. The Payment Service segment is engaged in the provision of online payment service, terminal payment service for stores, and various financial services centered on factoring. The Back-Office SaaS segment is engaged in the provision of back-office support services such as the cloud-based invoice management system SEIKYU QUICK, the expense settlement system KEIHI BANK, and the approval system SHONIN TIME, as well as security service. The International Remittance segment is engaged in the provision of international remittance services.