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OSAKA (Kyodo) Sanyo Electric Co. approved a plan at an extraordinary board meeting Wednesday to increase capital by some 300 billion yen through a third-party allotment of new shares to rebuild its business.

Satoshi Iue, board member and eldest son of Sanyo founder Toshio Iue, announced the same day he will resign to take responsibility for the firm’s dismal performance. Upon leaving the board, Satoshi Iue, 73, will become the firm’s “supreme adviser.”

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