Chuo Malleable Iron Co., Ltd. (NSE:5607) announced a private placement of 620,300 shares at an issue price of ¥403 per share for gross proceeds of ¥249,980,900 on February 8, 2019. The transaction will involve participation from new investor Toyota Industries Corporation (TSE:6201) for a 4.07% stake. The transaction will take place through third party allotment method.

The company announced that it will incur issuance expenses of approximately ¥4,043,000. The transaction is expected to close on March 1, 2019. The transaction was approved by the board of directors.

The company entered into a capital alliance agreement with the investor.