The holding company of Japan Asia Securities Co. said Wednesday it will acquire 51 percent of the outstanding shares in Okinawa Securities Co., based in Naha, to make the firm a group member.
Tokyo-based Japan Asia Holdings Ltd. said it will formalize the deal later this month.
Japan Asia Holdings said it is making the acquisition because Naha has been designated a special financial area where businesses will receive various forms of preferential treatment under government efforts to stimulate the economy.
Okinawa Securities topped the six securities companies operating in Okinawa in terms of trading volume in the business year ended March 2000.
The Japan Asia group originated with a securities firm set up in 1999 in Hong Kong. With Tokyo-based Japan Asia Securities being one of its core members, the group consists of overseas offices in such areas as Taipei and Seoul, as well as Marukin Securities Co. and Kaneman Securities Co., both members of the Tokyo Stock Exchange.