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
Share
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.
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. 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.
THE BANK OF SAGA LTD. 
