Toyota Motor Corp, the world’s third-largest automaker, said on Tuesday that it would more than double its stake in its South African unit, taking its holding to 74,9%, as it plans to expand its base there.
Toyota said it had paid R994-million to partner Wesco Investments Ltd to boost its stake from 35,7%.
It is the third time that the Japanese automaker has boosted its holding since taking a 28% stake in 1996.
”Through raising the number of its shares, Toyota hopes to advance production, sales and export strength in South Africa further,” it said in a statement.
Last year, the unit produced the 79 000 vehicles, mainly Corollas and pick-up trucks. It exports to other African countries.
In South Africa, Toyota sold 82 738 vehicles last year for a market share of 22,6%, holding the number one spot for the 22nd year in a row. – Reuters