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SUMITOMO CORP Announces Investment in Iraqi Automotive Service Sales Company - Sankei Biz

Wednesday, 2 Oct 2013 08:00pm EDT 

Sankei Biz reported that Sumitomo Corporation has purchased about JPY 320 million in shares (equivalent to 45% of shares) of SAS Automotive Services Ltd, a subsidiary of Iraq’s automotive business, the Sardar Group through a third-party allocation of shares. This is the first private investment and joint venture by a Japanese company in Iraq following the end of the Iraq War. Following the investment in SAS, Sumitomo Corporation will launch bases, which engages in maintenance and repair of Toyota cars, and sales of cars and spare parts, in key areas in Iraq. 

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