MBK will buy 35,000,000 new convertible preferred shares of Tokyo-headquartered Tasaki, subject to approval by the company's shareholders at an extraordinary general meeting scheduled in September. It did not provide further details of the new shares being issued. Taking a simplistic assumption that each preferred share converts into one common share, MBK will ultimately own 48% of Tasaki's enlarged capital base.
Tasaki, which is listed on the Tokyo Stock Exchange, was established in 1954 and has strong brand equity as a pearl manufacturer and distributor. Its flagship is the Tasaki Shinju Ginza Store,...
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