Tokyo  - Toyota Motor Corp was to gain full ownership of its South African subsidiary by late August, the Japanese company said Tuesday.

Toyota reached an agreement with its joint venture partner Wesco Investments Ltd to acquire the remaining 25-per-cent share in Toyota South Africa (Pty) Ltd, worth about
29.8 billion yen (276.3 million dollars).

By making the South African unit a wholly owned subsidiary, Toyota plans to boost local production, sales and exports, Japan's top carmaker said.

Toyota South Africa sold 153,000 units last year. (dpa)