JAKARTA (Yosefardi) – Orix Corporation, a leading integrated financial services group, plans to acquire 85% shares of PT Sinar Mitra Sepadan (SMS) Finance for US$65.8 million.
Orix claims that it has gained approval for this acquisition from the Financial Service Authority (OJK). SMS currently has assets of 40 billion yen.
Orix has previously entered into a business cooperation agreement with PT Bank Negara Indonesia (BBNI)Tbk to support the business development of Japanese companies in Indonesia.
Japan is one of the largest investors in Indonesia with interest in automotive, retail, food, oil & gas, engineering, etc. PT Orix Indonesia, meanwhile, is the first leasing company in Indonesia.
PT Orix Indonesia Finance booked net profit of Rp263 billion in 2014, up 1.3% from Rp259 billion in 2013. Revenue grew by 12% to Rp958 billion from previous Rp855 billion.