OSAKA -- Kansai International Airport Co. said Tuesday it will increase its capital base by 34.65 billion yen by floating new shares for third-party subscriptions to help finance operations planned for the current fiscal year.
As a result, its capital will be 626.7 billion yen. Payment is due Nov. 21.
According to the plan, the government will buy 23.1 billion yen worth of the new KIA shares, while local governments, including that of Osaka, will buy 1.1 billion yen worth of shares. Local businesses will buy 575 million yen worth of shares.
KIA, established in October 1984 for the construction and operation of Kansai International Airport near Osaka, plans to use proceeds for a planned second runway, to be operational in 2007.