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TODA KOGYO CORP Announces Business and Capital Alliance with Itochu Corporation


Friday, 28 Dec 2012 02:40am EST 

TODA KOGYO CORP announced that TODA KOGYO CORP and Itochu Corporation have reached an agreement to form a business and capital alliance. Through the business alliance, the two companies will further cooperate in the global marketing, logistics and new product development. Through the capital alliance, TODA KOGYO CORP will issue 12,600,000 shares to Itochu Corporation, which is approximately 20.66% of TODA KOGYO CORP's total shares outstanding, at the price of JPY 304 per share, or JPY 3,830,400,000 in total. The payment period is from January 15, 2013 to January 31, 2013. After this, Itochu Corp will hold a 20.66% stake in TODA KOGYO CORP and will become the top shareholder of TODA KOGYO CORP.