Nissan sells portion of stake in Mitsubishi

Nissan Motor Company Limited has sold a portion of its stake in Mitsubishi Motors Corporation (MMC).

According to Nissan, Mitsubishi bought back a total of 10.02 percent (149,028,300 shares) from the former. On that note, the Yokohama-based carmaker stake in its Minato-headquartered Alliance co-member now stands at 34.07 percent (506,620,577 shares).

Per Nissan, the liquidated stocks will enhance its financial flexibility.

“This transaction will support MMC’s management strategy as well as enhance Nissan’s financial flexibility, paving the way for future growth opportunities,” the company wrote in a press statement.

“Nissan and MMC will continue their collaborative efforts to drive innovation and deliver exceptional value to their stakeholders. Together, the Alliance companies are actively engaged in high-value creation projects that respond to evolving industry trends,” it added.

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