Mazda to invest in development of hybrid and environmentally friendly cars
By Andrew C., 30 Aug, 2010. 0 Comments
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Proving that Mazda is indeed serious in catching up with rivals Toyota and Honda with regards to hybrid technology, it will sell new shares and treasury stock. Specifically, Mazda seeks to raise 96 billion yen to develop hybrid and other environmentally friendly cars. Mazda will issue a total of 363m new shares, which sums up to a quarter of its existing stock. In addition, the company plans to sell 96.8m shares it purchased last year from its majority shareholder Ford. Of the total money raised from the sale of the shares, two-thirds would be spent on environment- and safety-related development. The remaining one-third would be used on factory upgrades and general capital investment.
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