May. 31. 2011
Marubeni Corporation is pleased to announce that it has reached an agreement with Security Bank Corporation(SB), which is one of the private bank in the republic of Philippines, to acquire 40% share in SB's subsidiary leasing company (New JV) and jointly engages in the retail finance of construction machinery in Philippines on May 30, 2011.
In Philippines, where the demand for construction machinery is recently increasing in the construction sector and in the mining sector (ie, Coal, Copper, Nickel), Marubeni acquired 40% share of Maxima Machineries Inc (Maxima), a sole distributor of Komatsu Construction Equipment in Philippines to strengthen retail sales business of construction machineries on May, 2007. Marubeni expects synergy effect between Maxima’s distributor business and New JV's leasing business.
New JV will provide finance mainly for sales of Komatsu Construction Equipment through the cooperation with Maxima. New JV aim to expand its business with knowledge and know-how of both SBC and Marubeni, and also retail sales network of Maxima.
Marubeni has been engaged Leasing business for sales of construction machinery in the United Kingdom and in the Republic of Indonesia and strengthen this business as one of the most important business sector, same as distributor business.
Corporate profile of New JV
|Established||: August 1994|
|Address||: Makati City, Philippines|
|Capital||: 200 million Philippines Peso (About JPY 400million)|
|Stockholders||: SBC 60%, Marubeni 40%|