General Announcement::Acquisition of 25% stake in HC Consumer Finance Philippines, Inc.

Issuer & Securities

Issuer/ Manager
SECURITY BANK CORPORATION
Securities
SECUR BK US$400M5.5%N290514 - XS2813319816 - OLWB
Stapled Security
No

Announcement Details

Announcement Title
General Announcement
Date &Time of Broadcast
29-Nov-2024 16:24:55
Status
New
Announcement Sub Title
Acquisition of 25% stake in HC Consumer Finance Philippines, Inc.
Announcement Reference
SG241129OTHRWMW1
Submitted By (Co./ Ind. Name)
Grace Ayson
Designation
Assistant Corporate Secretary
Description (Please provide a detailed description of the event in the box below)
Please be informed that Security Bank Corporation, through its Executive Committee, as delegated by the Board of Directors, approved today the acquisition of a 25% stake in HC Consumer Finance Philippines, Inc. (HCPH), also known as Home Credit Philippines.

Security Bank will purchase the 25% ownership stake in HCPH from MUFG Bank Ltd. for approximately PHP11 billion. Krungsri (Bank of Ayudhya PCL and its business units) will continue to hold a 75% ownership stake in HCPH and remain the majority shareholder.

The completion of this transaction will be subject to regulatory approvals and fulfillment of other conditions, with target closing in the first quarter of 2025.