Maruyoshi Center Inc. (TSE:7515) announced that it has entered into a capital and business alliance agreement with new investor Izumi Co., Ltd. (TSE:8273) for a private placement of 116,000 treasury shares and 60,000 common shares at a price of ¥2,570 per share for aggregate gross proceeds of ¥452,320,000 on November 12, 2019. Post transaction, the investor will own 19.02% stake in the company. The company will issue securities through third party allotment.

The company will pay issuance expenses of ¥700,000, and will receive net proceeds of ¥451,620,000. The transaction has been approved by the board of directors of the company, and is expected to close on December 17, 2019.