Hinopak Motors Limited (PSX: Hino) informed on Tuesday that a definitive agreement was reached between Mitsubishi Fuso Truck and and Bus Corporation (MFTBC) and Hino Motors Limited- the parent company.
“Under this agreement, a new publicly listed holding company will be established, which will hold 100% ownership of both MFTBC and Hino,” the company wrote in a notice to the Pakistan Stock Exchange (PSX).
Daimler Truck and Toyota Motor Corporation are expected to hold equal ownership stakes in the new holding entity, excluding shares that will be issued to the public as part of its listing, the company added.
Hino was incorporated as a public limited company in Pakistan in 1986. The company is engaged in the assembly, progressive manufacturing and sale of Hino buses and trucks, as well as the sale of its spare parts and accessories.
Hino is a subsidiary of Hino Motors Limited, Japan. The ultimate parent company of Hino is Toyota Motors Corporation, Japan.
Comments
Comments are closed for this article.