Sugimura Seiko Co.,Ltd. announced that it expects to receive ¥250 million in funding from Daido Kogyo Co., Ltd.
May 14, 2017
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Sugimura Seiko Co.,Ltd. announced a private placement of common shares for gross proceeds of ¥250,000,000 on May 15, 2017. The transaction will involve participation from Daido Kogyo Co., Ltd. (TSE:6373). Post the closing of the transaction, the investor will hold 33.3% voting rights in the company. The transaction is expected to close in late July, 2017.
DAIDO KOGYO CO., LTD. is a machinery manufacturing company. Along with its subsidiaries and associated companies, the Company is engaged in the manufacture and sale of power transmission and transportation-related products, such as chains and conveyers; rim and wheel-related products, such as rims, wheels, spokes and bolts; the Other products, such as welfare equipment and office machinery in Japan, China, Indonesia, Thailand, Vietnam, India, the United States, Brazil and Italy. Through its subsidiaries, the Company is also engaged in the processing and sale of steels, the purchase of related materials, the sale of chains, the provision of welfare services, as well as the repair and maintenance of facilities, among others.
DAIDO KOGYO CO., LTD. 
