Toyo to issue Euro 38.4 million in new capital

ERJ staff report (DS)

Tokyo -- Toyo Tyres has launched a private bond placement with the aim of raising yen 5000 million (euro 38.4 million) later in July.

The company's shares fell by 20 percent following the announcement.

The company said the new capital would help it to develop its global strategic plan and also to cope with the effects of the global financial crisis.

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Press release from Toyo (Japanese language)

Press release from Toyo auto-translated into English

TOYO TIRE & RUBBER PLUNGES ON DILUTION CONCERNS Reuters (Tokyo)