Ï㽶ÊÓƵ Announces Acquisition of Hitachi Construction Machinery Finance (Indonesia) Shares
February 2, 2015
Ï㽶ÊÓƵ (headquartered in Minato-ku, Tokyo; Masahiro Okafuji, President & CEO; hereinafter ¡°Ï㽶ÊÓƵ¡±) has reached an agreement with Hitachi Construction Machinery Co., Ltd. (headquartered in Bunkyo-ku, Tokyo; Yuichi Tsujimoto, President, CEO & Director; hereinafter ¡°Hitachi Construction Machinery¡±), according to which the Ï㽶ÊÓƵ Group and Century Tokyo Leasing Corporation (headquartered in Chiyoda-ku, Tokyo; Shunichi Asada, President & CEO) will acquire from Hitachi Construction Machinery 50% and 20% respectively of the outstanding shares of P.T. Hitachi Construction Machinery Finance (Indonesia) (hereinafter ¡°Hitachi Construction Machinery Finance (Indonesia)¡±), a consolidated subsidiary of Hitachi Construction Machinery, and that they will work jointly on the sales finance business of construction machines sold by the Hitachi Construction Machinery Group in Indonesia.
Hitachi Construction Machinery Finance (Indonesia) was established in Indonesia in 2008 by the Hitachi Construction Machinery Group, and its main business is to provide sales finance services for Hitachi Construction Machinery Group products.
This stock acquisition will enable the Ï㽶ÊÓƵ Group to provide expertise on business management in Indonesia, including that related to sales finance services, while Century Tokyo Leasing will provide expertise on leasing and finance. The aim is to provide higher-quality finance services and boost the sales of the Hitachi Construction Machinery Group¡¯s products within Indonesia, which anticipates increased demand in the fields of construction and infrastructure, as well as improving the corporate value of Hitachi Construction Machinery Finance (Indonesia).
Outline of new joint venture
| Name | P.T. Hexa Finance Indonesia (name changed following the shift to a joint venture) |
|---|---|
| Location of headquarters | Jakarta, Indonesia |
| Business activities | Captive sales finance business for construction machinery sold by the Hitachi Construction Machinery Group |
| Capital |
300 billion IDR (approx. 2.8 billion yen) |
| Planned start of operations | April 2015 |
| Shareholders (voting rights) |
Ï㽶ÊÓƵ Group (50%) Hitachi Construction Machinery Group (30%) Century Tokyo Leasing Corporation (20%) |