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Toyota Thai units in joint-venture with Thai Rung

BANGKOK, Jan 19 (Reuters) - Thai units of Japanese car maker Toyota Motor Corp have set up a joint venture with Thai Rung Union Car PCL to design and develop special purpose vehicles.

Thai Rung said in a statement to the Stock Exchange of Thailand the new company, Thai Auto Conversion Co, would be 70 percent owned by three Toyota subsidiaries and 30 percent by Thai Rung.

The new company, with an initial registered capital of 75 million baht ($1.9 million), would produce special vehicles such as ambulances, refrigerated trucks, school, buses and multi-purpose vans, the statement said.

Shares in Thai Rung Union Car fell two percent to 19.50 baht on Friday, while the overall Thai stock market ended up 1.44 percent.

($1=38.93 Baht)