Semiconductor trader Lester Electronics announced on the 31st that it has signed a strategic investment and business cooperation agreement with its industry partner Shinko Corporation. According to the agreement, Lester will transfer treasury shares worth about 1.5 billion yen to Shinko Corporation through a private placement. At the same time, Lester will also invest a similar amount to purchase Shinko Corporation’s shares. The purpose of this cooperation is to expand the market coverage of both parties by leveraging Shinko Corporation’s customer resources in the fields of industrial machinery and automotive electronics.
The specific implementation plan shows that Leicester will place 550,000 treasury shares to Shinko Shoji on November 20, with the placement price set at 2,652 yen per share, accounting for about 1.83% of the company’s total issued shares. On the other hand, Leicester will purchase 1.55 million shares of Shinko Shoji through the Tokyo Stock Exchange’s ToSTNeT-1 (over-the-counter trading platform), which accounts for 4.08% of the total issued shares of Shinko Shoji.
