Watanabe Sato Co., Ltd. signed a capital and business alliance agreement to issue 290,000 shares at the price of ¥3,110 per share for gross proceeds of ¥901,900,000 on February 21, 2022. The transaction will include participation from existing investor Sato Kogyo Co., Ltd. which will acquire 9.07% stake through third party allotment and will hold 9.55% stake after the transaction. The transaction has been approved by the board of directors of the company.

The transaction is expected to close on March 14, 2022. The approximate amount of disposal costs is ¥2,500,000 and amount received would be ¥899,400,000.