May 2, 2016 Sale of Shares of Bank Mayapada (Major Indonesian Commercial Bank)

May 2, 2016

Company Name: JTRUST ASIA PTE.LTD.
Representative: Nobuyoshi Fujisawa, Managing Director, CEO
Contact: Shigeyoshi Asano, Director
Telephone: +65-6225-6938




Sale of Shares of Bank Mayapada (Major Indonesian Commercial Bank)

With regard to the sale of Bank Mayapada’s shares held by JTRUST ASIA PTE. LTD,. its parent J Trust Co., Ltd. published a press release. Please refer to the attachment.

 

May 2, 2016

Company Name: J Trust Co., Ltd.
(Listed on Second Section of the Tokyo Stock Exchange, code 8508)
Representative: Nobuyoshi Fujisawa, President & CEO
Contact: Taiji Hitachi, Executive Officer, General Manager of General Accounting Department
Telephone: +81(3) 4330-9100




Sale of Shares of Bank Mayapada (Major Indonesian Commercial Bank) by Our Subsidiary

J Trust Co., Ltd. (hereinafter, “the Company”) hereby announces that JTRUST ASIA PTE. LTD. (hereinafter, “J Trust Asia”) , a consolidated subsidiary of the Company, sold all the shares (hereinafter, “Share Sale”) of PT Bank Mayapada International Tbk. (listed on the Indonesia Stock Exchange of the Republic of Indonesia; hereinafter, “Bank Mayapada”) held by J Trust Asia.

1.Purpose of transaction

We signed capital and business alliance agreements with Bank Mayapada on December 24, 2013 to provide integrated retail financing in Indonesia. The alliance was aimed at making collaborative efforts in retail and finance areas. By leveraging our consolidated subsidiaries’ superior expertise, both companies have worked together toward creating great synergies in the fields of consumer loan, credit card and lease businesses of Bank Mayapada, and promoting swift business expansion.

However, we sold the shares of Bank Mayapada due to the following reasons:

i.
The sale of the KC Card brand in January 2015 led to the significant downsizing of J Trust Group’s credit card business, which practically terminated the business alliance with Bank Mayapada in the said business, one of our initial objectives;
ii.
We acquired the shares of an Indonesian commercial bank PT Bank Mutiara Tbk. (currently, PT Bank JTrust Indonesia Tbk.) in November 2014, making it our consolidated subsidiary. The acquisition enabled us to operate banking business in Indonesia within the group; and
iii.
The proposed purchase price was sufficient enough to make a good profit. The capital gain enabled us to maintain on-hand liquidity and prepare for the next strategic investment.

2.Overview of J Trust Asia

(1) Trade name JTRUST ASIA PTE. LTD.
(2) Headquarters Republic of Singapore
(3) Representative Nobuyoshi Fujisawa, Managing Director & CEO
(4) Business Investment business & management support services for investees
(5) Capital 200 million Singapore dollars (approximately 16.3 billion yen)
(6) Date of establishment October 7, 2013
(7) Principal shareholder and shareholdings J Trust Co., Ltd. 100.00%

3.Overview of Bank Mayapada

(1) Trade name PT Bank Mayapada International Tbk.
(2) Headquarters Republic of Indonesia
(3) Representative Hariyono Tjahjarijadi, MBA.
(4) Business Commercial banking
(5) Capital 585.7 billion Indonesian rupiah as of the end of December 2015
(Approx. 4.9 billion yen: 1 Indonesian rupiah = 0.0085 yen)
(6) Date of establishment January 10, 1990

4.Number of shares sold, selling price and number of shares before and after the sale

(1)Number of shares before the sale 430,442,100
(2)Number of shares sold 430,442,100
(3)Selling price 87,200,198.36 Singapore dollars
(Approx. 7,264 million yen)*
* 1 Singapore dollar = 83.31 yen (As of March 31, 2016)
(4)Number of shares after the sale 0

5.Schedule

Signing of sales agreement March 31, 2016
Transaction completion date(Cross trading execution date on the Indonesia Stock Exchange) April 29, 2016

6.Future outlook

Following the Share Sale, we expect to record operating revenue of approximately 1.4 billion yen in the first quarter of the fiscal year ending March 2017.

-End-

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