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Mitsubishi Motors to wipe out more than $8 bln losses - Nikkei
May 22, 2013 / 8:47 PM / 4 years ago

Mitsubishi Motors to wipe out more than $8 bln losses - Nikkei

May 23 (Reuters) - Mitsubishi Motors Corp is planning to wipe out about 924.6 billion yen ($8.9 billion) of cumulative losses in the year ending March 2014 by tapping its capital base, the Nikkei reported.

The company also plans a 1-for-10 reverse stock split and raise the maximum number of issuable shares to ease raising capital in the future, the Japanese daily said.

Mitsubishi Motors’ board will finalize resolutions this week for amending the company’s charter to use its capital base and capital reserves, which amounts to slightly more than 1 trillion yen, to cover the loss, the newspaper reported without citing its source. ($1 = 103.5050 Japanese yen) (Reporting by Pallavi Ail in Bangalore; Editing by Joyjeet Das)

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