Akebono Brake to receive investment for turnaround, shares soar
18/07/2019 01:46
TOKYO, July 18 (Reuters) - Japan's Akebono Brake Industry Co
Ltd 7238.T said on Thursday it expects to receive investment
from a corporate turnaround fund to help restructure its
money-losing business and would make an official decision later
in the day.
Public broadcaster NHK reported earlier that Akebono was
planning to receive 20 billion yen ($185 million) in investment
from Japan Capital Solutions.
Akebono said in a statement that its plans were "roughly" in
line with what NHK reported.
Shares of Akebono soared as much as 43% to 166 yen on the
Tokyo Stock Exchange.
($1 = 107.8600 yen)
(Reporting by Chris Gallagher; editing by Richard Pullin)
((chris.gallagher@thomsonreuters.com; 81-3-6441-1842;))