Taiheiyo Cement Corp is set to raise its stake in South Korean firm Ssangyong Cement Industrial Co. Ltd. to more than 33.3 per cent in the next fiscal year, according to local press reports.
Taiheiyo has already acquired a 30 per cent stake in Ssangyong, whose importance is growing for the Japanese firm as an export base for the key United States market.
According to the paper, Taiheiyo will spend around 1bn yen to purchase Ssangyong shares to raise its stake.
Taiheiyo officials could not be immediately reached for comment. Officials at two of Ssangyong’s major creditors said they were unaware of the news.