Feb. 8. 2006
Marubeni Corporation is pleased to announce that it has reached an agreement with PT Surya Artha Nusantara Finance (SANF), a retail finance company for construction machinery under the Indonesia Astra Group, to increase the capital contribution ratio of Marubeni Corporation in SANF from 4.91% to 40%, through the exclusive purchase of shares in a private placement, on January 30, 2006.
The Astra Group, a partner of the joint venture, distributes the construction machinery of Komatsu Ltd. in Indonesia, through its Group company, PT. United Tractors Tbk. Furthermore, through its Group company, Astra Credit Companies, the Group manages a retail finance business mainly for automobile.
Marubeni Corporation has been handling the export of construction machinery of Komatsu Ltd. to the Astra Group.
Where there has been strong demand in Indonesia, Marubeni Corporation held discussions with the Astra Group to strengthen the retail finance business of the construction machinery and the two parties concluded the above agreement. The agreement is based on the expectation of a sharp increase in the demand for construction machinery in the construction field in the future and of a further increase in the resources development field.
Marubeni Corporation will maintain a policy of expanding the sales finance business of the construction machinery in Indonesia in the future, by strengthening the ability of SANF to raise funds and to utilize the retail sales network of the Astra Group.
[Corporate profile of SANF]
Established : December 1984
Address : Jakarta, Indonesia
Capital : 124.3 billion Indonesian Rupiah (About JPY 1.6 billion)
Main stockholders : Astra Group 60%, Marubeni Group 40%