TOKYO -- Japan's Rakuten on Friday announced it plans to raise 242 billion yen ($2.2 billion) by issuing new shares to Japan Post Holdings, Walmart and an investment firm backed by China's Tencent.
Japan Post Holdings will invest 149.9 billion yen this month, taking a stake of around 8% in the e-commerce group and becoming its fourth-largest shareholder. Image Frame Investment, the Tencent Holdings' subsidiary, agreed to pay 65 billion yen for a stake of 3.65%, while Walmart is purchasing over 16 billion yen worth of shares for a 0.92% stake.
