Toyota Motor Corporation (TMC) and Indus Motor Company (IMC) Limited announced on Friday the appointment of Koji Hyodo as the Advisor to Vice Chairman, IMC. Hyodo, possibly can be elected as a director to the IMC Board in the annual shareholder meeting being held in September 2008 when the company board will be expanded from current its current seven to nine members.
Having 28 years of working experience with TMC companies including overseas affiliates, Hyodo prior to this appointment served as the General Manager, Asia Oceania and Middle East Project Division based at Toyota headquarters in Japan. His appointment in IMC is part of a greater engagement by TMC following 12.5 percent acquisition of IMC equity from the House of Habib and through public tender offered in June 2008.
Consequently, TMC's share in IMC now stands at 25 percent and together with Toyota Tsusho Corporation stake of 12.5 percent, represents 37.5 percent of total shares. House of Habib will continue to retain the management of the company. Increase of TMC shares in IMC augers well for the company and country also reflects Toyota's long term commitment to the growth of the automotive industry in Pakistan.-PR
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