Japanese supermarket chain Seiyu is planning to raise 7.74bn yen ($65m) by issuing 35 million shares to investors, including its controlling shareholder US retail giant Wal-Mart.

Last week Seiyu revealed a set of sluggish sales results and warned that it could post a 10bn yen loss for the 10 months to December compared to an earlier forecast of a 3bn yen profit.

Each share will be worth 21 yen, with 20.2 million shares worth 4.46bn yen going to Wal-Mart’s subsidiary Wyoming Holding.

Wal-Mart’s ownership of Seiyu shares will rise from 36.6% to 37.8%.