Mitsubishi Paper Mills Limited (TSE:3864) announced a private placement 10,468,320 shares at a price of ¥726 per share for gross proceeds of ¥7,600,000,000 from existing investor Oji Holdings Corporation (TSE:3861) on February 6, 2018. The company signed the capital alliance agreement withy the investor. The investor will acquire 23% stake in a transaction.

The shares will be allocated through third party capital increase. The board of directors of the company approved the transaction. The transaction is expected to close from July 1, 2018 to December 31, 2019.