Renown To Become Unit of China's Shandong Ruyi

Renown Inc., a struggling apparel maker, announced that it will issue new shares worth about 4 billion yen to Shandong Ruyi, a major Chiesen textile company. Shandong Ruyi will be its largest shareholder, to surpass Neoline Holdings, a Tokyo-based investment firm, who bought its 24.9% stake in 2008.