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Toyota Tsusho to Buy Stake in S. Africa Subaru Dealership

Nagoya, Oct 23, 2008 (Jiji Press) - Toyota Tsusho Corp. <8015> said Thursday it will invest 200 million yen in automobile dealership Subaru Southern African (Pty) Ltd. to boost Subaru vehicle sales in South Africa.

The Japanese trading house affiliated with Toyota Motor Corp. <7203> will participate in running the local company in an effort to revamp its dealership network and raise brand awareness in the growing South African market.

Through a third-party allotment of new shares, the Toyota Tsusho group will acquire a 50 pct stake in Subaru Southern Africa, which operates its dealership network in South Africa and six neighboring countries.

Although this is the second time the Nagoya-based firm has injected capital into a Subaru dealership, following involvement in Australia, this will be Toyota Tsusho's first participation in management.

Toyota Tsusho intends to double Subaru Southern Africa's annual sales to 4,000 units in 2013 from 2,000 units in 2007.

By Jiji Press, (c) Jiji Press

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