Semi-Tech uses placement to raise stake in Akai

Semi-Tech (Global) is to increase its grip on 64.6 per cent owned Japanese subsidiary Akai Electric Co by placing about $432 million worth of new shares to another subsidiary, wholly owned Beleza Holding Amsterdam, which will take 49.65 million new shares in Akai. After the subscription, Semi-Tech's holding in Tokyo-listed Akai will rise to 70.8 per cent. Payment would come from internal sources, the company said.