Maruzen SH Logistics Sdn. Bhd. announced a private placement of 11,000,000 common shares at a price of MYR 1 per share for gross proceeds of MYR 11,000,000 on June 26, 2019. The transaction will involve participation from returning investor Maruzen Showa Unyu Co., Ltd. (TSE:9068) for 6,600,000 shares and new investor See Hup Consolidated Berhad (KLSE:SEEHUP) for 4,400,000 shares. See Hup Consolidated Berhad (KLSE:SEEHUP) will acquire 35.2% stake and Maruzen Showa Unyu Co., Ltd. (TSE:9068) will continue to hold 60% stake in the company. Post transaction, the registered capital of the company will increase from MYR 1,500,000 to MYR 12,500,000.

On the same day, the company received MYR 4,400,000 from See Hup Consolidated Berhad (KLSE:SEEHUP) in its first tranche closing.