Sun Corporation announced that it has received ¥362.25 million in funding from Fuji Shoji Co. Ltd.
March 19, 2013 at 12:00 am EDT
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Sun Corporation (JASDAQ:6736) announced a private placement of 450,000 treasury shares at ¥805 per share for gross proceeds of ¥362,250,000 on March 1, 2013. The transaction will include participation from returning investor, Fuji Shoji Co. Ltd. The investor will acquire a total of 4.12% stake in the company through this transaction. The investor will hold 4.3% stake in the company after closing of the transaction. The shares will be issued through third party allotment. The disposal date is March 19, 2013. The company will pay issuance costs including financial advisory fees of ¥4,000,000. The company will receive net proceeds of ¥358,250,000 in the transaction. The transaction was approved at the company's board of directors' meeting.
On March 19, 2013, Sun Corporation closed the transaction.
FUJISHOJI CO., LTD. is a Japan-based company primarily involved in the development, manufacture and sale of pachinko machines (Japanese-style pinball machines) and pachi-slot machines (Japanese-style slot machines). The Company sells its pinball and slot machines to pinball parlors and sales agencies. In addition, through its associated company of SANTA ENTERTAINMENT CO., LTD., the Company is also engaged in the development of game machine software.