Car audio and navigation system manufacturer Pioneer will finish a capital expansion worth around YEN34.8bn (US$385m) as it raises YEN2.48bn through a private share issue to Honda, according to Japanese reports.

The move follows Pioneer’s previous private share issue worth YEN32.4bn to Mitsubishi Electric and Mitsubishi Chemical, as well as a public share offering to overseas investors.

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The cash will be used to upgrade its car navigation system division.

Pioneer will not make dividend payments for fiscal 2009 ending this month, according to the reports.

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