Plan Revisions
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Plan Revisions in Shareholders' meeting
June 29, 2004. In a shareholders' meeting Mitsubishi Motors Corp said it will receive as much as 1.1 trillion yen ($10.1 billion) over two years to revive its sagging manufacturing business, Bloomberg reported. It will get 546 billion yen in capital from shareholders and investors, 480 billion yen in operating cashflow and 70 billion yen from its bank savings. J.P. Morgan Securities Asia will be increasing its stake from origin plan of 100 billion yen to new 150 billion yen investment, and Phoenix Capital is now planning to spend 70-100 billion yen. Even Nippon Oil joined in with 100 billion yen investment.
At the meeting, one investor demanded that Okazaki invest his fortune in Mitsubishi Motors stocks to show his commitment. Another began yelling uncontrollably at Okazaki and had to be subdued.
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