RHJ International announced that it has increased its stake in Asahi Tec Corporation from 36.9% to 41.3%, and will undergo a change in designation from related to parent company.
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RHJ International has subscribed to 22.5 million newly-issued shares of Asahi Tec at a price of 80 yen each, or a total of Yen1.8bn.
The proceeds will be used to support the restructuring efforts of Asahi Tec’s wholly-owned US subsidiary Metaldyne Corporation. The capital injection will allow Metaldyne to pay down its financial debt and comply with the provisions of its credit facilities. Asahi Tec, which is listed on the Tokyo Stock Exchange.
RHJ International first invested in Asahi Tec back in 2003 and provided a further round of financing in 2006.
