Commission Decision No. 17-M-014/2019:
In the Matter of the Proposed Acquisition by JACCS Co., Ltd.
of Shares in Mitsubishi Auto Financial Services Corporation
The proposed transaction is an acquisition by JACCS Co., Ltd. (JACCS) of shares of stock in MMPC Auto Financial Services Corporation (MAFS) currently owned by BDO Leasing and Finance, Inc. (BDOLF) and Mitsubishi Motors Philippines Corporation (MMPC).
BDOLF presently owns 3,000,000 common shares in MAFS, while MMPC owns 375,000 common shares in MAFS, which shall be purchased by JACCS.
The agreed purchase price is P186,333,750.00 where P165,630,000.00 is set for the MAFS shares owned by BDOLF; and P20,703,750.00 is allocated for the MAFS shares owned by MMPC.
JACCS is a Japanese company engaged in the consumer credit and financing business. The company provides installment credit and other settlement methods for personal and housing loans, among others.
On the other hand, MAFS, as the acquired party is a Philippine company engaged in the auto financing business for Mitsubishi brand vehicles and leasing.