Orient Corporation completed the acquisition of 51% stake in PT. Mizuho Balimor Finance from Mizuho Bank, Ltd.
March 30, 2021
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Orient Corporation (TSE:8585) entered into a share transfer agreement to acquire 51% stake in PT. Mizuho Balimor Finance from Mizuho Bank, Ltd. for approximately ¥2 billion on January 31, 2020. Under the terms, Orient will acquire 9,472 shares in PT. Mizuho Balimor Finance. Post the completion of the transaction, the joint venture will be renamed PT. Orico Balimor Finance. The board of Orient passed the resolution on the acquisition on January 31, 2020. The transaction is expected to be completed by the end of March 2020. The effect of the transaction on business results of Orient for the current term is insignificant. PwC Advisory LLC acted as fairness opinion provider and Nishimura & Asahi acted as legal advisor for Orient Corporation.
Orient Corporation (TSE:8585) completed the acquisition of 51% stake in PT. Mizuho Balimor Finance from Mizuho Bank, Ltd. on March 31, 2021. The transaction was subject to obtain approval from the local authorities. Due to delays in procedures, etc., the execution of this acquisition has been postponed from the initial schedule i.e. March 31, 2020. The transaction obtained all required approvals.
Orient Corporation is a Japan-based consumer credit company. The Company operates in consumer credit business through four business segments. The Personal Installment segment is engaged in the provision of installment services for personal consumption such as school expense and housing improvement loans through reimbursement and credit guarantee methods. The Card and Financing segment operates in company own card business, affiliated credit card business, cashing service business, loan card business and other businesses. The Bank Guarantee segment is engaged in the provision of joint and several guarantee services for consumerâs financing activities. In addition, the Company is also involved in the credit management and collection business, as well as consumer credit peripheral business. The Settlement and Guarantee segment performs rent settlement guarantee, accounts receivable settlement guarantee, retail lease guarantee and collection agency.
ORIENT CORPORATION 
