United States

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

Monday, 22 Aug 2016 10:57am EDT 

GMO payment gateway Inc <3769.T> : Says the company, as the wholly owned subsidiary of GMO Internet Inc <9449.T>, 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.