Hinopak Motors Limited (PSX: HINO) has informed the Pakistan Stock Exchange that a definitive agreement has been reached between its parent company, Hino Motors Ltd., and Mitsubishi Fuso Truck and Bus Corporation (MFTBC) to integrate their operations.
As part of the agreement, a new publicly listed holding company will be established to own 100% of both Hino and MFTBC.
Daimler Truck and Toyota Motor Corporation are expected to hold equal ownership stakes in this new entity, excluding the portion that will be publicly listed.
HINO’s principal activity is the assembly, progressive manufacturing, and sale of Hino buses and trucks. The company is a subsidiary of Hino Motors Limited, Japan, and the ultimate parent company is Toyota Motors Corporation, Japan.