The Saikyo Bank, Ltd. announced a private placement of 5,500,000 3rd series registered preferred shares at a price of ¥1,000 per share for gross proceeds of ¥5,500,000,000 on February 24, 2017. The transaction will include participation from existing investors, Asahi Mutual Life Insurance Company for 1,000,000 shares, Investors Cloud Co., Ltd. for 1,000,000 shares, JDC Corporation for 1,000,000 shares, Aizawa Securities Co., Ltd. for 500,000 shares, Chofu Seisakusho Co., Ltd. (TSE:5946) for 500,000 shares, Chudenko Corporation (TSE:1941) for 200,000 shares, Future Corporation for 200,000 shares, Rising Plan Corporation for 200,000 shares, Akasaka Printing Co., Ltd. for 100,000 shares, ZENKOKU HOSHO Co.,Ltd. for 100,000 shares, Business Assist Co., Ltd. for 100,000 shares and individual investors Hiroshi Sakurai for 500,000 shares, Hidehiko Inamura for 100,000 shares. Of the amount to be received, ¥2,750,000,000 will be added to its registered capital and ¥2,750,000,000 will be added to its capital reserve.

The company is expected to pay ¥24,000,000 as part of issue expenses involved in the transaction. The company will issue preferred shares by third party allotment. he transaction is expected to close on March 17, 2017.

The transaction was approved by board of directors of the company.