Japanese autoparts firm raises capital to P530M

Japanese autoparts maker Aichi Forging Co. of Asia is raising its capital stock to P530 million from P430 million, the company said in its application with the Securities and Exchange Commission.

Aichi said the new capitalization will consist of the subscription of P100 million worth of preferred shares and cash payment of P1 billion.

The company has a manufacturing plant in the Toyota Special Economic Zone in Sta. Rosa, Laguna. Its major shareholders are Aichi Steel Corp. with an investment of P253.81 million; Sojitz Corp., P95.54 million; and Toyota Tsusho Corp., P61.65 million.

Aichi Steel works closely with the Toyota Group in a wide variety of industrial fields including the automobile industry. In addition, it has a growing presence in other fields such as ships, railway trains, electronics related industries.

Sojitz, on the other hand, is active in the marketing of industrial sites to Japanese companies planning to transfer their operations in the Philippines. Its biggest investment in the Philippines, on the other hand, is in Mitsubishi Motors Philippines Corp. The company is also involved in the semiconductor and electronics industry. — Zinnia Dela Peña