Premium Group (TYO:7199) an automotive solutions provider based in Tokyo, plans to enhance its auto loan business in Thailand by acquiring new shares of Eastern Commercial Leasing (ECL) through a third-party allotment.
Having initially invested in ECL in 2016, Premium Group aims to further ECL's growth in Southeast Asia's finance and Automobile Warranty Business sectors, according to its Tuesday filing.
ITOCHU Corporation (TYO:8001) will also participate in acquiring ECL shares, allowing both companies to secure a majority stake and support ECL's business expansion and profitability.
Premium Group will acquire 137,800,000 common shares at THB 1.30 per share, amounting to 813 million yen, with the transaction expected to complete on Feb. 21.
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