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