Ab Hotel Mikawa Anjo Honkan announced that it has received ¥1.2 billion in funding from AB Development LP
February 09, 2015 at 12:00 am EST
AB Hotel announced a private placement of 1,200 shares at ¥1,000,000 per share for gross proceeds of ¥1,200,000,000 with a new investor, AB Development LP on February 9, 2015. The transaction will take place through third party allocation. As part of the transaction, the investor will acquire 37.5% stake in the company. The stake of Tosho Co., Ltd. will dilute from 100% to 62.5% upon closing. The transaction has been approved by the board of directors of Tosho Co., Ltd., the parent entity of the company. The payment date for the transaction is March 2, 2015.