Tokyo Century Corporation decided to acquire additional 2% stake in BPI Century Tokyo Lease & Finance Corporation from Bank of the Philippine Islands.

Tokyo Century Corporation (TSE:8439) decided to acquire additional 2% stake in BPI Century Tokyo Lease & Finance Corporation from Bank of the Philippine Islands (PSE:BPI) on November 9, 2020. After acquisition Tokyo Century will own 51% stake in BPI Century Tokyo. Final execution of the transaction is subject to requisite approvals and documentation.

As of November 18, 2020, Board of Directors of Bank of the Philippine approved the transaction. The transaction is expected to close before the year ends. The impact of this matter on the consolidated financial results of Tokyo Century Corporation will be minor, and there will be no change to the consolidated financial forecast for the fiscal year ending March 2021.