Pioneer Bought By Hong-Kong Fund
Rukhshan Mir (@rukhshanmir) Published December 07, 2018 | 04:47 PM
Japanese electronics firm Pioneer said Friday it will become a wholly owned unit of a Hong Kong-based fund to rebuild itself in a deal worth $904 million.
Tokyo, (UrduPoint / Pakistan Point News - 7th Dec, 2018 ) :Japanese electronics firm Pioneer said Friday it will become a wholly owned unit of a Hong Kong-based fund to rebuild itself in a deal worth $904 million.
Pioneer, known for its audio equipment as well as car electronics systems, said Baring Private Equity Asia has agreed on a 102-billion-yen ($904 million) plan to revive the struggling Tokyo-based company.
Baring will make a 77-billion-yen investment in Pioneer, along with a 25-billion-yen offer to buy existing shares from shareholders.
"These steps will secure working capital vital for Pioneer's business operations," a joint statement from the two firms said.
"Once privatised, a range of significant changes will be made to revitalise Pioneer, including reviews of the company's business lines as well as structural reforms and an overhaul of the management team," it said.
The deal is subject to approvals from Pioneer shareholders as well as regulatory agencies.
Pioneer, which celebrated its 80th anniversary this year, expanded from the 1960s through the 1990s with popular home stereo systems as well as car audio equipment.
It was among the leading companies to promote laser discs and plasma televisions.
But Pioneer has struggled in recent years with deep losses and falling sales as the audio and automobile industries go through rapid changes.
Recent Stories
Over 37% Tobacco tax increase suggested to save lives, boost revenue
Mohsin Naqvi has offered a substantial incentive, pledging $100,000 to every pla ..
Citizens join Al Barsha Police in “An Hour for Dubai” Initiative
Art can be a powerful tool to relieve stress, Experts say at Sharjah Children’ ..
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 5 May 2024
Today Gold Rate in Pakistan 05 May 2024
Bugti assures transporters for addressing their problems
Deputy Prime Minister and Foreign Minister, Mohammad Ishaq Dar meets foreign min ..
3 drug peddlers arrested, hashish recovered
1496,990 children given polio drops in five days: DC
Six terrorists killed, hideout busted in N Waziristan IBO: ISPR
Pakistan, Qatar agree to further expand trade, investment ties
More Stories From Business
-
Saudi trade delegation arrives in Pakistan for investment cooperation
34 minutes ago -
Saudi trade delegation arrives Pakistan for mutual investment cooperation
3 hours ago -
FPCCI urges urgent action amidst Pakistan’s economic situation
3 hours ago -
Over 37% Tobacco tax increase suggested to save lives, boost revenue
4 hours ago -
Pak-Saudi investment conference to be held on Monday
5 hours ago -
NPO launches program for development of gemstone sector
8 hours ago
-
PFC to take part in Riyadh Intel. expo
9 hours ago -
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 5 May 2024
13 hours ago -
Today Gold Rate in Pakistan 05 May 2024
14 hours ago -
CRD survey unveils 18% Pakistanis quit smoking
1 day ago -
NTUF granted patent for Innovative Multilayered Natural Fiber Composite Helmet
1 day ago -
New industrial policy to be announced soon: Rana Tanveer
1 day ago