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
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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.
Toho Bank Ltd is a Japan-based bank mainly engaged in the provision of financial services including banking business. The Bank operates in four business segments. The Banking segment is engaged in deposit business, loan business, exchange business and other related business through the head office, branches and ministries. The Securities segment is mainly engaged in securities business. The Leasing segment is engaged in goods leasing and installment sales business. The Credit Guarantee segment is engaged in credit guarantee business as a finance-related business. The other businesses include business succession support business, corporate investment business and credit card 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.