The Chiba Kogyo Bank, Ltd. (TSE:8337) announced a private placement of 653,000 series 1 class 7 preferred shares at a price of ¥50,000 per share for gross proceeds of ¥32,650,000,000 on February 19, 2019. The transaction included participation from existing investors, Taisei Corporation (TSE:1801) for 40,000 shares, Oki Electric Industry Co., Ltd. (TSE:6703) for 20,000 shares, Clex Co.,Ltd. for 20,000 shares, and other investors. A total of 176 investors participated in the round.

The transaction was approved by the board of directors of the company. The company will issue shares through third party allotment. The company will incur issuance expenses of ¥170,000,000 including registration license tax, value calculation cost of preferred stock, attorney fee and financial advisory fee.

The transaction is expected to close on March 18, 2019.