MG Home Co., Ltd. announced that it has received ¥300.05 million in funding from VT Holdings Co. Ltd.
June 30, 2014 at 12:00 am EDT
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MG Home Co., Ltd. (TSE:8891) announced a private placement of 321,600 common shares at ¥933 per share for gross proceeds of ¥300,052,800 on May 27, 2014. The shares will be subscribed by 3rd party allocation by existing investor VT Holdings Co. Ltd. The investor will acquire additional 15.18% stake in the company and will increase its stake from 2.21% to 17.39% in the company. After the transaction, ¥150,026,400 will be injected into the capital of the company. The company will bear issue costs of ¥2,000,000 to receive net proceeds of ¥298,052,800. The issue costs include related document creation expenses, legal expenses, and registration expenses. The application period and settlement date for the transaction is June 30, 2014. The transaction was approved by the board of directors of the company.
On June 30, 2014, MG Home Co., Ltd. closed the transaction. The total outstanding shares after the increase is 2,149,200 shares and the capital after the increase is ¥1,168,021,750.
VT Holdings Co Ltd is a Japan-based company mainly engaged in the car sales related business mainly consisting of dealership business, car rental business and car export business. The Company operates through two business segments. The Automobile Sales Related segment is involved in the car sales related business including new car dealership business, which sells new and used cars and repairs automobiles, the import car importer business, used car export business, car rental business and others. The Housing Related segment is involved in the condominium sales, single-family home sales, construction contracts and others. The Company is also involved in the group-wide management business.
VT HOLDINGS CO.,LTD. 
