Apple International Co., Ltd. (TSE:2788) announced a private placement of 1,380,000 shares at a price of ¥291 per share for gross proceeds of ¥401,580,000 on April 28, 2017. The transaction will include participation from new investor Isuzu Motors Limited (TSE:7202). The investor will acquire 9.97% stake in the company through this transaction.

The company has entered into capital and business tie-up with the investor. The transaction is expected to close on May 31, 2017. The shares will be issued through third party allotment.

The company will pay various issue costs includes registration expenses of ¥1,560,000 and securities registration statement creation expenses and other expenses of ¥500,000 in the transaction. The company will receive net proceeds of ¥399,520,000 in the transaction.