Chic Holdings Inc. (TSE:7365) announced that it will issue 2,782,900 common shares at a price of ¥1,078 per share for gross proceeds of ¥2,999,966,200 on May 29, 2020. The transaction will include participation from existing investor Hikari Tsushin, Inc. (TSE:9435). The company will receive funds through third party allotment of shares.

Post closing the investor will acquire 49.77% in the company. The transaction is expected to close on June 15, 2020. The transaction has been approved by the board of directors of the company.