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BRIEF-GMO payment gateway to raise stake in GMO Financial Gate and GCS
August 22, 2016 / 3:01 PM / a year ago

BRIEF-GMO payment gateway to raise stake in GMO Financial Gate and GCS

Aug 22 (Reuters) - GMO payment gateway Inc :

* Says the company, as the wholly owned subsidiary of GMO Internet Inc, plans to buy 58,621 shares in GMO Financial Gate, a Tokyo-based firm engaged in settlement service business of credit card etc., for 1.7 billion yen

* Says the company to raise stake in GMO Financial Gate to 65 percent from 49.6 percent, via private placement plan offered by GMO Financial Gate

* GMO Financial Gate will fully acquire 1,000 shares (100 percent stake) in a Tokyo settlement agent, Global Card System (GCS), for 770 million yen which was raised from the private placement plan, thus the company will hold a 65 percent stake in GCS indirectly after the transaction

* Transaction effective date on Sep. 30

Source text in Japanese: goo.gl/S1qZdg ; goo.gl/w1N8qa

Further company coverage: (Beijing Headline News)

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