JACCS Co., Ltd. signed a contract to acquire an additional 45% stake in MMPC Auto Financial Services Corporation from BDO Leasing and Finance, Inc. and Mitsubishi Motors Philippines Corporation for approximately PHP 190 million.

JACCS Co., Ltd. (TSE:8584) signed a contract to acquire an additional 45% stake in MMPC Auto Financial Services Corporation from BDO Leasing and Finance, Inc. (PSE:BLFI) and Mitsubishi Motors Philippines Corporation for approximately PHP 190 million on March 7, 2019. As per the terms, JACCS will acquire 3.38 million shares. BDO Leasing and Finance, Inc. will sell 3 million shares amounting to 40% stake at PHP 55.21 per share for PHP 165.6 million in cash.

BDO Leasing and Finance, Inc. will receive full payment on closing. Mitsubishi Motors Philippines Corporation will sell 0.38 million shares amounting to 5% stake at PHP 20.1 million. Post acquisition, JACCS Co., Ltd. will hold 4.9 million shares in MMPC.

Prior to the transaction, JACCS Co., Ltd. held 20% stake and after the transaction, JACCS Co., Ltd. will hold 65% stake in MMPC Auto Financial Services Corporation. The transaction is subject to closing conditions, including approval by Philippine Competition Commission and relevant authorities. The transaction has been resolved by the Board of JACCS Co on March 7, 2019.

On June 13, 2019, The Philippine Competition Commission approved the transaction. The transaction is expected to be completed in April 2019. As of July 3, 2019, the transaction is expected to be completed on July 3, 2019.