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.
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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