The Bank of Saga Ltd. cancelled the acquisition of remaining 94.2% stake in Sagin Shinyo Hosho Co., Ltd. from Tokiwa Shoji Co. Ltd., Sagin Lease Co., Ltd., and 16 others.
November 08, 2018
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The Bank of Saga Ltd. (TSE:8395) agreed to acquire remaining 94.2% stake in Sagin Shinyo Hosho Co., Ltd. from Tokiwa Shoji Co. Ltd., Sagin Lease Co., Ltd., and 16 others for approximately ¥2.5 billion on November 8, 2017. Under the terms of the transaction, The Bank of Saga Ltd. will acquire 0.09 million shares of Sagin Shinyo Hosho Co., Ltd. Tokiwa Shoji Co. Ltd., Sagin Lease Co., Ltd., and 16 others will sell 24.7%, 24.9%, and 44.6% stake respectively. In related transactions, The Bank of Saga Ltd. (TSE:8395) agreed to acquire remaining stakes in Sagin Business Consulting Co., Ltd., Sagin Computer Service Co., Ltd., Sagin Capital & Consulting Co., Ltd., and Sagin Lease Co., Ltd. Upon completion, Sagin Shinyo Hosho Co., Ltd. will become wholly owned subsidiary of The Bank of Saga Ltd. The definitive agreement is expected to be signed by November 17, 2017. For the period ended March 2017, Sagin Shinyo Hosho Co., Ltd. reported net assets of ¥3.9 billion, total assets of ¥7.4 billion, sales of ¥776 million, operating income of ¥571 million, and net income of ¥380 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 and November 22, 2017.
The Bank of Saga Ltd. (TSE:8395) cancelled the acquisition of remaining 94.2% stake in Sagin Shinyo Hosho Co., Ltd. from Tokiwa Shoji Co. Ltd., Sagin Lease Co., Ltd., and 16 others on November 8, 2018.
THE BANK OF SAGA LTD. is a Japan-based company mainly engaged in financial services centered on banking business. The Company operates in two segments. The Banking segment is engaged in deposit business, lending business, domestic and foreign exchange business, securities trading business and securities investment business, etc. The Leasing segment is engaged in the leasing business. Other business involves in the credit guarantee business, information processing business, office agency business, venture capital business etc.
The Bank of Saga Ltd. cancelled the acquisition of remaining 94.2% stake in Sagin Shinyo Hosho Co., Ltd. from Tokiwa Shoji Co. Ltd., Sagin Lease Co., Ltd., and 16 others.