The Toho Bank, Ltd. agreed to acquire additional 31.8% stake in The Toho Information System Co., Ltd. from Fukushima Shoji Co., Ltd., The Toho Building Co., Ltd. and The Toho Land and Building Co., Ltd. for approximately ¥350 million.
March 27, 2015 at 12:00 am EDT
Share
The Toho Bank, Ltd. (TSE:8346) agreed to acquire additional 31.8% stake in The Toho Information System Co., Ltd. from Fukushima Shoji Co., Ltd., The Toho Building Co., Ltd. and The Toho Land and Building Co., Ltd. for approximately ¥350 million on March 27, 2015. As reported, The Toho Bank will acquire 225 additional shares of Toho Information System Co. and will hold 258 shares representing 39.6% stake in Toho Information System Co. post transaction. In related transactions, The Toho Bank, Ltd. also agreed to acquire additional stakes in The Toho Lease Co., Ltd. for approximately ¥350 million and in Toho Card Co.,Ltd. for approximately ¥660 million on March 27, 2015.
Toho Information had net assets of ¥320 million, total assets of ¥380 million, sales of ¥229 million, operating profit of ¥6 million and net income of ¥7 million for the year ending March 2014. The Toho Bank's Board of Directors passed a resolution for the transaction. The conclusion of the share transfer contract is scheduled on April 1, 2015 while the share acquisition is scheduled on April 6, 2015.
The Toho Bank, Ltd. is a Japan-based bank mainly engaged in the provision of financial services. The Banking segment is engaged in deposit affairs, loan business, exchange business and other related business. The Bank is also engaged in the development of electronic computer software, the printing and binding of ledger sheets, as well as securities, leasing, credit card and credit guarantee business.
The Toho Bank, Ltd. agreed to acquire additional 31.8% stake in The Toho Information System Co., Ltd. from Fukushima Shoji Co., Ltd., The Toho Building Co., Ltd. and The Toho Land and Building Co., Ltd. for approximately ¥350 million.
THE TOHO BANK, LTD. 