Shareholders of auto electronics maker Pioneer approved Friday a capital injection of around 102 billion yen ($930 million) from a Hong Kong-based private equity fund.
The struggling company will become fully owned by Baring Private Equity Asia as early as March, with its shares likely to be delisted on the Tokyo Stock Exchange's First Section.
President Koichi Moriya apologized for his management decisions, including the share delisting due to financial trouble, at an extraordinary shareholders meeting earlier in the day, but some shareholders voiced criticism.
The car navigation system maker had originally said its shares will remain listed "for the time being" even after new shares are allocated to the Hong Kong fund.
Pioneer hopes to turn around its fortunes by cutting some 3,000 jobs, about 15 percent of the group's total workforce of 20,000, while realigning its plants to cut costs.
The Japanese company has shifted its focus to the autonomous driving sector with enhanced development of advanced sensors and geographic software. But it will likely take a while for the business to become a major profit-generating source.
Major car navigation system makers in Japan such as Alpine Electronics Inc. merged with its parent, Alps Electric Co., and had its shares delisted, while another maker Clarion Co. will be sold by the end of March by its parent Hitachi Ltd. to French car parts maker Faurecia S.A.