TOKYO, Dec 25: Major Japanese electronics firm NEC Corp said on Thursday that it would provide $300 million in support to Packard Bell NEC Inc and that 20 per cent of the amount (corrects) would be guaranteed by France's Groupe Bull.The company also said it would boost its share of stock with voting rights in Packard Bell NEC to 49 per cent from 19.84 per cent at present.

It added that Bull's share of stock with voting rights would fall to 12.6 per cent from the current 19.84 per cent, while those of founder Packard Bell would decline to 38.38 percent from the present 60.32 per cent.

NEC senior executive vice president Seijiro Yokoyama said the move was aimed at strengthening the company's service support and marketing systems for its personal computer business in the United States.

Yokoyama added that earnings at Packard Bell NEC were growing more slowly than expected due to a rapid decline in consumer and home PC prices. Part of the $300-million would be used for day-to-day operations at Packard Bell NEC, he said.

Yokoyama said NEC decided to keep its voting rights below 50 per cent because the company wanted to list shares in Packard Bell NEC as a US company under the leadership of US managers. In addition to the financing, NEC has so far invested 113.5 billion yen in Packard Bell NEC.

Copyright © 1997 Indian Express Newspapers (Bombay) Ltd.