The Hachijuni Bank, Ltd. concluded a share exchange agreement to acquire the remaining 95% stake in Hachijuni Credit Guarantee Co., Ltd. from a group of sellers for ¥7.5 billion.
August 28, 2015 at 12:00 am
Share
The Hachijuni Bank, Ltd. (TSE:8359) concluded a share exchange agreement to acquire the remaining 95% stake in Hachijuni Credit Guarantee Co., Ltd. from a group of sellers for ¥7.5 billion in stock on August 28, 2015. The sellers include Showa Shoji Co.,Ltd., Choei Co., Ltd., Nagano Bus Terminal Co., Ltd., Hachijuni DC Card Co., Ltd. and Hachijuni Lease Co., Ltd. Under the terms of the transaction, One share of Hachijuni Credit Guarantee's stock will be exchanged with 16,200 shares of Hachijuni Bank's stock. As per the exchange ratio, 9.23 million shares of Hachijuni Bank's stock will be exchanged in the transaction. Hachijuni Credit Guarantee had operating profit of ¥2.3 billion and net income of ¥880 million for the period ending March 2015.
The transaction is subject to approval from relevant authorities and Hachijuni Credit Guarantee's shareholders. The Board of Directors of Hachijuni Bank and Hachijuni Credit Guarantee passed a resolution for the transaction. The extraordinary shareholders' meeting of Hachijuni Credit Guarantee is scheduled on September 17, 2015 while the effective date of transaction is scheduled on October 27, 2015.
Choei Inc is mainly engaged in real estate management business and real estate leasing business. The Company operates in two business segments. The Real Estate Management segment provides services necessary for rental management such as tenant management, building maintenance, sales brokerage, rental brokerage and remodeling work. Residents are provided with the emergency reception desks at night on holidays to deal with room problems 24 hours a day, 365 days a year. For owners, the Company provides one-stop services necessary for rental management, and owns a rental management headquarter, an asset management headquarters, a occupancy promotion headquarter, a remodeling business headquarter, a real estate headquarter, and a development consulting department. The Real Estate Leasing segment includes leasing of properties, leasing by renting, monthly condominium business, hotel business and others. It operates in Kyoto, Shiga, Osaka, Hyogo, Aichi, Tokyo, and Kanagawa prefectures.
The Hachijuni Bank, Ltd. concluded a share exchange agreement to acquire the remaining 95% stake in Hachijuni Credit Guarantee Co., Ltd. from a group of sellers for ¥7.5 billion.
CHOEI INC. 
