U's Communications Corp., a telecom unit of cable broadcaster usen Corp., said Tuesday it has issued new shares worth 700 million yen via third-party allocation.
The new shares were allocated to around 25 companies, including Sony Corp., Dentsu Inc. and Daiwa Securities Group Inc., a company spokeswoman said.
U's Communications, formed last July with initial capitalization of 100 million yen, is to open for business on April 1 to provide high-speed communication services using fiber-optic cables.
Following the new share issue, the company will cooperate with partner firms in developing fiber-optic communication networks connecting households, the company said.