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Updated Wednesday, February 10, 2010 11:22 am TWN, Bloomberg

Pioneer to sell 104.4 million shares, boost capital

TOKYO -- Pioneer Corp., the unprofitable Japanese maker of car-navigation systems and audio equipment, aims to sell as many as 104.4 million shares to raise about US$406 million in funds for restructuring and new businesses.

The company, based in Kanagawa near Tokyo, aims to sell as many as 92 million shares to overseas investors, as well as 10 million shares to Mitsubishi Electric Corp. and 2.4 million shares to a unit of Mitsubishi Chemical Holdings Corp., Pioneer said in separate statements Tuesday.

The sales would raise as much as 36.4 billion yen (US$406 million) based on the stock's closing price Tuesday.

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