Tokyu Construction to raise 50 bil. yen via new shares+.

Japan Weekly Monitor, March, 2002

TOKYO, Feb. 27 Kyodo

Tokyu Construction Co. said Wednesday it will raise 50 billion yen by issuing new shares to boost its capital base, weakened by property assets with huge latent losses.

The new shares will be allotted to major railway operator Tokyu Corp., its parent company, with payment due for March 26 as part of a fresh three-year restructuring program, Tokyu Construction said in a statement.

Tokyu Construction said it will issue 185 million common shares for 58 yen each and 338.71 million deferred shares for 116 yen each. Deferred shares have limited shareholder rights as their holders are the last to receive dividends and asset returns if the issuer is liquidated.

Tokyu Construction said it aims to improve its financial...