Japanese trading house Itochu is investing in a golf club maker under the umbrella of a Chinese firm. Itochu hopes the deal will help the firm expand in China and Southeast Asia where the number of golfers is expected to grow.
Itochu is investing about 41 million dollars in Honma Golf to acquire 6 percent share in the firm.
Honma Golf, established in 1959, is a producer and retailer of high-end golf clubs. It filed for bankruptcy in 2005 and came under the Chinese firm.
It made a turnaround after shifting its focus to China. The firm was listed on the Hong Kong stock exchange in 2016.
Itochu says it wants to sell golf wear and bags produced by group companies. Meanwhile, Honma hopes to expand its lineup of related goods such as clothing.