Kyocera, Daiwa Securities to invest in JAL

Kyocera Corp and Daiwa Securities Group will likely invest up to US$244.27 million in total in the struggling Japan Airlines Corp, Kyodo News reported, citing sources close to the matter.

The investment would help bolster the financial base of JAL, which went bankrupt in January and has been under court-managed rehabilitation.

Kazuo Inamori, chairman of JAL and the founder of Kyocera, said last month that JAL plans to boost its capital by another $610.69 million on top of the already set $4.27 billion investment by the government-backed Enterprise Turnaround Initiative Corp of Japan.

Of the $610.69 million, Kyocera and Daiwa Securities will take up $244.27 million, while several companies, including trading houses, banks and brokerage houses, are considering shouldering the remaining $366.41 million.

Kyocera and Daiwa Securities appear to be trying to strengthen business relationships with JAL by the investment, with Daiwa eyeing becoming the lead managing underwriter when JAL is listed again, the sources said.
(Source:www.cargonewsasia.com)