Mitsuba Corporation announced that it expects to receive ¥20 billion in funding from Japan Industrial Solutions, Ltd.
July 14, 2020
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Mitsuba Corporation (TSE:7280) announced that it has entered into a subscription contract with new investor Japan Industrial Solutions Fund II, a fund managed by Japan Industrial Solutions, Ltd. for third-party allotment of 15,000 class A shares and 5,000 class C shares at a price of ¥1,000,000 per share for aggregate gross proceeds of ¥20,000,000,000 on July 15, 2020. The company will incur ¥140,000,000 as registration-related costs, financial advisory fees, and legal advisory fees and will receive ¥19,860,000,000 as net proceeds. The transaction has been approved by the board of directors of the company and is subject to approval in its extraordinary shareholders' meeting to be held on August 28, 2020. The payment is expected between August 29 , 2020 to January 20 , 2021 with pre-requisites to be satisfied by September 30, 2020.
MITSUBA Corporation is a Japan-based company engaged in the manufacture and sale of transportation equipment and the provision of information services. The Company operates in three business segments. The Transportation Equipment-related segment mainly provides wiper systems, starter motors, fan motors and power window motors, as well as transportation and warehousing services. The Information Service segment is engaged in the provision of system integration services, as well as the development of software and system. The Others segment is engaged in the provision of electric work, civil engineering and construction services, among others.