Sky Perfect Communications Inc., operator of communication satellite broadcaster Sky PerfecTV, said Monday it will issue 400,000 new shares by public offering in a bid to raise some 105.1 billion yen to boost its business.
The company is scheduled to be listed Oct. 20 on the Tokyo Stock Exchange's Mothers market for startup firms.
Of the 105.1 billion yen to be raised through the share issue, 25 billion yen will be used to obtain broadcasting rights for events such as the 2002 Soccer World Cup, and 16 billion yen will be set aside for new businesses related to next-generation CS broadcasting, slated to start next year, the company said.
At the time of the capital increase, three major Sky Perfect shareholders, including a unit of Softbank Corp., are slated to sell combined holdings in Sky Perfect of some 65,000 shares, the company said.
The Softbank group, which currently holds about 180,000 Sky Perfect shares and is among its top shareholders, will sell 45,000 of the shares.