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Japan's IBJ Leasing to acquire Indonesia's auto finance provider

Japan's IBJ Leasing Co. Ltd. plans to acquire a 63.63% stake in Indonesia's PT Verena Multi Finance Tbk in a two-step transaction as part of its efforts to expand its business in Asia.

Verena Multi Finance, an auto finance provider, is a joint venture partner of IBJ Leasing in PT IBJ Verena Finance. PT Bank Pan Indonesia Tbk is the current largest shareholder of Verena Multi Finance with a 57.54% stake, according to an Aug. 30 release.

Under the first step, IBJ Leasing will acquire a 19.99% stake in Verena Multi Finance from Germany's DEG - Deutsche Investitions- und Entwicklungsgesellschaft mbH. In the second step, IBJ Leasing will acquire rights shares issued by Verena Multi Finance to its existing shareholders, including Bank Pan Indonesia, to increase its stake in the company to 63.63% and make it a consolidated subsidiary.

Financial details of the transactions were not disclosed.

The transfer date of shares under the first step is scheduled to be Oct. 5. The transaction and the rights issue are subject to regulatory approvals.