FinTech Global Incorporated : Notice concerning investment recovery through sale of land adjacent to Metsä project site
December 06, 2017 at 05:13 am EST
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UNOFFICIAL TRANSLATION The official press release is in Japanese.
Company Name: FinTech Global Incorporated
Representative:
Nobumitsu Tamai, President and CEO
Stock Listing:
Tokyo Stock Exchange Mothers Section
Stock Code:
8789
Inquiries:
Takashi Senda, Senior Executive Officer
Tel:
+81-3-5733-2121
Notice concerning investment recovery through sale of land adjacent to Metsä project site
November 20, 2017-FinTech Global Incorporated (hereafter, "FGI" and "the Company") decided today to recover investment through the sale of land adjacent to the Metsä project site using a securitization scheme. The sale agreement has been signed, and the Company provides details below.
Details
1. Summary
It is FGI's policy on Metsä project site to utilize securitization to take real estate off the balance sheet and thereby improve the efficiency of its investment while keeping risk to the absolute minimum. The Company has been involved in activities at the Metsä site since the previous fiscal year and now intends to collect proceeds of ¥250 million through securitization of land adjacent to the Metsä project site.
The buyer of the land is a special purpose company formed to facilitate the securitization process. FGI will be entrusted by the company to handle private placement activities and intends to take an equity stake of no more than 5% to put into a silent partnership. In addition, FinTech Asset Management, an FGI subsidiary, plans to sign an arrangement transaction contract with the company for management of the real estate.
2. Schedule
Date of internal decision
November 20, 2017
Signing of sales agreement
November 20, 2017
Payment
By December 15, 2017 (planned)
3. Impact on business results
Through the sale of land and the provision of real estate management services, FGI expects to book revenue of ¥257 million on a consolidated basis and ¥250 million on a nonconsolidated basis in fiscal 2018 and operating income of ¥196 million on a consolidated basis and ¥189 million on a nonconsolidated basis. The recovered ¥250 million will be carefully distributed to Metsä, corporate investment and asset investment activities as capital to promote growth.
Note that the Board of Directors decided at its meeting on September 22, 2017, to change the purpose for owning this piece of property, and the property was transferred from property, plant and equipment, where it was booked in fiscal 2016, to real estate for sale.
END
FGI - FinTech Global Inc. published this content on 06 December 2017 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 06 December 2017 10:11:03 UTC.
Original documenthttp://www.fgi.co.jp/archives/002/201712/5a27bfb8c2c62.pdf
Public permalinkhttp://www.publicnow.com/view/9569746B2B7972C193CA354DC56FFA0D7FA1FD05
FinTech Global Incorporated is a financial service provider engaged in the investment banking business, real estate business, public consulting business, entertainment and service business. It has four segments. Investment Banking segment is engaged in the investment banking and corporate investment business, including finance arrangement, public finance, financial advisory, asset management and asset investment. The Real Estate segment conducts welfare services business, real estate brokerage, real estate development, real estate sales, real estate leasing. The Public Consulting segment engages in the preparation of financial documents, support for maintenance of fixed assets ledger, comprehensive management plan of public facilities, and formulation support business. The Entertainment Service segment conducts the development, holding, management, operation of the theme park, and eating and drinking business.
FINTECH GLOBAL INCORPORATED 
