Japan's Denso To Raise Stake In South Korea's Denso Poongsung

SEOUL December 5, 2003; Dow Jones reported that Japan's Denso Corp. plans to raise its stake in South Korea's Denso Poongsung Corp. to 50% from 41% by investing around 18 billion won ($1=KRW1,192.6) next year.

Denso Poongsung will use the funds to increase its production lines at its Changwon factory and the Hongseong factory currently under construction, the South Korean Ministry of Commerce, Industry and Energy said in a statement Friday.

Denso Corp., a maker of automotive components, invested KRW11.5 billion this year to build the Hongseong factory, which will be completed in June 2005.