Sanko Marketing Foods Co., Ltd. (TSE:2762) announced a private placement of 1,422,900 common shares issued at ¥362 per share for gross proceeds of ¥515,089,800 on August 23, 2019. The transaction will include participation from new investor S Foods Inc. (TSE:2292). The investor will acquire 9% stake in the company through this transaction.

The company will issue the shares through third party allotment. The company will pay issue expenses of ¥5,000,000 and will receive approximately ¥510,089,800 as net proceeds. The transaction was approved by the board of directors of the company.

The company expects to close the transaction on September 12, 2019.