JACCS’ stake purchase in MAFS approvedhome/Business/At a Glance/JACCS’ stake purchase in MAFS approvedTHE Philippine Competition Commission (PCC) has approved Japan’s JACCS Co. Ltd.’s planned acquisition of shares in MMPC Auto Financial Services Corp. (MAFS). In a statement on Monday, the state-run antitrust watchdog said JACCS would buy 3 million common shares from BDO Leasing and Finance Inc. for P165.63 million and 375,000 common shares from Mitsubishi Motor Philippines Corp. (MMPC) for P20.70 million. Total amount of the acquisition is P186.33 million. “The antitrust authority found that the transaction does not result in substantial lessening of competition in the car-loan market,” PCC said in a decision released on June 13. The three companies, plus Sojitz Corp, formed MAFS in 2016 to extend financing services to individual and corporate buyers of Mitsubishi cars.

Source: Manila Times June 18, 2019 16:07 UTC