Nippon Shinpan Co. said Thursday its board has approved a basic agreement with a Japanese investment fund over the sale of a majority equity stake in Kokunai Shinpan Co., one of its consumer credit arms.
The board has also approved proposals to sell a facility in Hawaii to a Californian investment fund and an equity stake in a Japanese marine leisure firm to the Ito Municipal Government in Shizuoka Prefecture, the company said.
As a result of these transactions, the nation's largest operator in the consumer credit card sector will book an extraordinary group earning of 4.31 billion yen in the current business year, while incurring an extraordinary loss of 1.1 billion yen.
Under the basic accord, Nippon Shinpan will sell the group's 53.5 percent stake in the Fukuoka-based consumer credit subsidiary to Advantage Partners MBI Fund No. 2, an investment fund based in Tokyo.
The value of the transaction is contingent on further talks with the investment fund, it said.
Nippon Shinpan will sell the building in Waikiki to the Shidler group, a San Diego-based fund. , the company said.
Nippon Shinpan will also disband Nippon Shinpan U.S.A. Inc., a wholly owned Honolulu subsidiary that runs the Waikiki facility.
Under the deal with the Ito government, Nippon Shinpan will sell its 5,800-share stake in Ito Marine Town Co.