July 18, 2019 / 12:51 AM / 2 months ago

CORRECTED-Akebono Brake to receive investment for turnaround, shares soar

(Corrects fund name in paragraph 2)

TOKYO, July 18 (Reuters) - Japan’s Akebono Brake Industry Co Ltd said on Thursday it expects to receive investment from a corporate turnaround fund to help restructure its money-losing business and would make an official decision later in the day.

Public broadcaster NHK reported earlier that Akebono was planning to receive 20 billion yen ($185 million) in investment from Japan Industrial Solutions.

Akebono said in a statement that its plans were “roughly” in line with what NHK reported.

Shares of Akebono soared as much as 43% to 166 yen on the Tokyo Stock Exchange. ($1 = 107.8600 yen) (Reporting by Chris Gallagher; editing by Richard Pullin)

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