Victory Group, a wholesaler for left-hand drive cars, yesterday denied reports it was in talks with Mitsubishi Corp (Hong Kong), over plans for Mitsubishi to increase its stake from 3 per cent to 10 per cent.

Victory Group said it was unaware of the reasons for a recent sharp increase in the company's share price.

Victory Group also denied it was in the process of launching a share placement with Mitsubishi Corp.