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Toyota to boost stake in South African unit

TOKYO, June 25 (Reuters) - Toyota Motor Corp, the world's third-largest automaker, said on Tuesday that it would more than double its stake in its South African unit, taking its holding to 74.9 percent, as it plans to expand its base there.

Toyota said it had paid 994 million rand ($96.5 million) to partner Wesco Investments Ltd to boost its stake from 35.7 percent.

It is the third time that the Japanese automaker has boosted its holding since taking a 28 percent stake in 1996.

"Through raising the number of its shares, Toyota hopes to advance production, sales and export strength in South Africa further," it said in a statement.

Last year, the unit produced the 79,000 vehicles, mainly Corollas and pick-up trucks. It exports to other African countries.

In South Africa, Toyota sold 82,738 vehicles last year for a market share of 22.6 percent, holding the number one spot for the 22nd year in a row.