Skymark Airlines Inc. President Shinichi Nishikubo boosted his stake in the company, making him the majority owner of Japan's largest discount carrier.
Nishikubo bought ¥1.1 billion worth of new shares Wednesday, the airline said in a Tokyo Stock Exchange statement. The money will be used to help purchase a flight simulator and won't affect its earnings forecasts, it said.
It's the first time Nishikubo has bought the airline's stock since September 2005. The carrier, whose shares have declined 55 percent this year, has forecast a ¥2.1 billion loss for the year ending March 31 due to higher fuel costs and a drop in passengers.
The purchase raises Nishikubo's stake in the airline to 52.8 percent from 44.9 percent, according to the statement.