Asian Star Co. (JASDAQ:8946) announced a private placement of 4,300,000 common shares at ¥95 per share for gross proceeds of ¥408,500,000 on November 20, 2020. The round will see participation from new investors Clovermate Holdings Pte. Ltd. for 3,000,000 shares, The Cevennes Pte. Ltd. for 800,000 shares and The Cevennes Pte. Ltd. for 500,000 shares. The investors will acquire a total of 19.32% stake in the company through this transaction. The transaction will take place through third party allocation. The payment date will be on December 7, 2020. The company will receive net proceeds of ¥401,500,000. The company will incur issuance expenses of ¥7,000,000 of which ¥2,500,000 will be spent on investigation cost of the investor, ¥2,500,000 for legal fees, and ¥2,000,000 for other expenses that include registration taxes, Japan Securities Depository Center registration expenses, and other fees. The transaction has been approved by the board of directors of the company. Post-closing, Clovermate Holdings Pte. Ltd., The Cevennes Pte. Ltd. and Rila International Investment Co., Limited will hold 13.49%, 3.59% and 2.24% stake in the company, respectively.