Investment to be made in automobile-related company together with a Malaysian national investment company
Dec. 18, 2003
TOKYO( December 18, 2003)-- Nissho Iwai Corporation has been considering investment with automobile parts/facility manufacturers, who aim at overseas business reinforcement, through establishment of an investment company together with Malaysian national investment company Khazanah Nasional Berhad (Head office: Kuala Lumpur). As one concrete move in this strategy, Nissho Iwai will invest approximately 2.5 billion yen, through the allocation of new shares to a third party, in Miyazu Seisakusho Co., Ltd. (Head office: Oizumi-machi, Oura-gun, Gunma-prefecture; President: Tetsuhito Miyamura), a leading press die manufacturer.
Common stock (24,000 shares), newly issued by Miyazu Seisakusho, and classified stock (83,000 shares) will be acquired through the allocation of new shares to a third party. SPC's stake in Miyazu Seisakusho will be ten percent as a result of the increase in capital. Nissho Iwai will support Miyazu Seisakusho in their overseas business development under the policy of retaining the current management systems of investment destinations. Miyazu Seisakusho will not only enhance its financial strength and improve its competitive power through the subject capital reinforcement, but will also aim at business deployment as a comprehensive manufacturer offering a wide range of services, from parts design and die manufacture to engineering for press parts production preparation.
Nissho Iwai positions automobile related businesses as a core business field, and is focusing in Asia on investments in complete built-up automobile assembling plants, and on engineering consultation services pertaining to production facilities and production preparation. The company has received consecutive orders to provide consulting services to Proton (Perusahaan Otomobil Nasional Berhad), Malaysia's largest automobile manufacturer, of which Khazanah is a major shareholder. In addition, in July of this year, Nissho Iwai, Miyazu Seisakusho and Proton established Miyazu Malaysia Sdn. Berhad, a joint venture that conducts die design/manufacture operations and provides engineering consultation services.