Regions

Tokyo's trading house Mitsui exited some of its stake in Indonesian auto financier Bussan Auto Finance (BAF) on Thursday. Ciptadana Capital and Yamaha Motor Group bought the said stake in a deal valued at IDR350 billion ($28.7 million), according to The Jakarta Globe.

Under the terms of the transaction, Mitsui sold its new shares to Yamaha Motor in exchange for a bigger BAF Stake. In addition, the deal allowed Ciptadana to enter the business as a new shareholder, the report detailed.

Jakarta-based BAF is a company that provides loans for consumers to buy Yamaha motorcycles in Indonesia. Established in 1997, BAF was 75% owned by Mitsui, 15% by Mitsui Indonesia, 7% by Yamaha Motor, and 3% by Yamaha Indonesia Motor Manufacturing, the report said.

After the stake sale, the Mitsui group and Mitsui Indonesia now hold a 70% controlling stake in BAF. Yamaha Motor Group has 20% of the shares. The remaining 10% is held by Ciptadana, The Jakarta Globe reported.

Mitsui said in a statement on its website: "With the capital increase, Mitsui and Yamaha Motor Group will aim to reinforce BAF's management and financial bases, and expand sales of Yamaha motorcycles."