The Bank of Saga Ltd. completed the acquisition of remaining 95% stake in Sagin Computer Service Co., Ltd. from Tokiwa Shoji Co. Ltd., Sagin Lease Co., Ltd., Sagin Shinyo Hosho Co., Ltd., and individuals.
March 30, 2018
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The Bank of Saga Ltd. (TSE:8395) agreed to acquire remaining 95% stake in Sagin Computer Service Co., Ltd. from Tokiwa Shoji Co. Ltd., Sagin Lease Co., Ltd., Sagin Shinyo Hosho Co., Ltd., and individuals for approximately ¥740 million on November 8, 2017. Under the terms of the transaction, The Bank of Saga Ltd. will acquire 190 shares of Sagin Computer Service Co., Ltd. Tokiwa Shoji Co. Ltd., Sagin Lease Co., Ltd., Sagin Shinyo Hosho Co., Ltd., and individuals will sell 25%, 25%, 25%, and 20% stake respectively. In related transactions, The Bank of Saga Ltd. (TSE:8395) agreed to acquire remaining stakes in Sagin Business Consulting Co., Ltd., Sagin Shinyo Hosho Co., Ltd., Sagin Capital & Consulting Co., Ltd., and Sagin Lease Co., Ltd. Upon completion, Sagin Computer Service 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 Computer Service Co., Ltd. reported net assets of ¥1.1 billion, total assets of ¥1.3 billion, sales of ¥641 million, operating income of ¥61 million, and net income of ¥49 million. The transaction was resolved by the board of directors of The Bank of Saga Ltd. The transaction is expected to close on November 20, 2017.
The Bank of Saga Ltd. (TSE:8395) completed the acquisition of remaining 95% stake in Sagin Computer Service Co., Ltd. from Tokiwa Shoji Co. Ltd., Sagin Lease Co., Ltd., Sagin Shinyo Hosho Co., Ltd., and individuals in the year ending March 31, 2018.
Bank of Saga Ltd is a Japan-based company engaged in businesses related to financial services, including banking, leasing, and credit guarantee services. The Company operates through three segments. The Banking Business segment is engaged in deposit, lending, domestic exchange, foreign exchange, trading of commodity securities, and investment in securities. The Leasing Business segment engages in leasing operations. The Credit Guarantee Business segment is engaged in credit guarantee services. The others business includes information processing services, office work agency services, venture capital services, and regional trading company services.
The Bank of Saga Ltd. completed the acquisition of remaining 95% stake in Sagin Computer Service Co., Ltd. from Tokiwa Shoji Co. Ltd., Sagin Lease Co., Ltd., Sagin Shinyo Hosho Co., Ltd., and individuals.