Pioneer to raise 25 million dollars in fresh capital from Honda
Tokyo - Pioneer Corp plans to raise 2.5 billion yen (25.85 million dollars) in fresh capital from one of its business partners, Honda Motor Co, the firm said Tuesday. Honda will pay 170 yen for each of Pioneer's 14.7 million new shares and to become the second-largest shareholder with a 6.54-per-cent stake after Sharp Corp, according to Japan's business daily The Nikkei.
The Japanese electronics maker aims to boost production of car-electronics devices, Pioneer said, adding that it needs to raise a total of about 40 billion yen to implement its management plans including business restructuring.
Pioneer expects a net loss of 129 billion yen and an operating loss of 55 billion yen for the current fiscal year. (dpa)