Akita Green Power Co., Ltd. announced that it expects to receive ¥270 million in funding from Saisan Co., Ltd., Takeei Corporation, Kadowaki Mokuzai, K.K., Miyagi Cooperative Society, Veolia Japan K.K.
Akita Green Power Co., Ltd. announced private placement of common share for gross proceeds of ¥280 million on May 1, 2017. The transaction will included participation from returning investor Takeei Corporation (TSE:2151) which will invest ¥205 million and Kadowaki Mokuzai, K.K. which will invest ¥10 million and new investors Saisan Co., Ltd. which will invest ¥20 million for 7.1% stake, Veolia Japan KK which will invest ¥30 million for 10.7% stake, and Miyagi Consumer’s Cooperative Society which will invest ¥15 million for 5.4% stake. As a result of the transaction, the company’s registered capital will increase from ¥10 million to ¥280 million. Takeei Corporation’s and Kadowaki Mokuzai, K.K.’s investement in the company will increase from ¥9 million to ¥205 million and ¥1 million to ¥10 million respectively and stake in the company will reduce from 90% to 73.2% and from 10% to 3.6% respectively.