TOKYO (Dow Jones)--Pioneer Corp. (6773.TO) said Tuesday that Honda Motor Co. (7267.TO) has completed payment of around Y2.50 billion for new shares in the electronics company.Pioneer issued 14.7 million new shares to Honda for Y170 per share. The company said it plans to use the capital to develop new in-vehicle electronics products.
With a 4.5% stake, Honda is now one of the leading shareholders in Pioneer. Sharp Corp. (6753.TO), which holds 9.19%, is the company's largest shareholder.
Pioneer originally announced the share issue plan in April 2009, but postponed it a number of times as it said it wanted to give other potential investors the same offer terms as Honda.
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