Sharp aims to raise $1bn from share sales: Report

Written By Unknown on Jumat, 19 Juli 2013 | 21.43

TOKYO: Sharp is aiming to raise 100 billion yen ($1 billion) from share sales by the end of September as the struggling display maker looks to partnerships and a public offering to bolster its finances, media reports and sources familiar with the situation said on Friday.

The company plans a public offering of 90 billion yen by end-September, Kyodo news agency reported, while two sources familiar with the matter said it plans to raise 10 billion yen through a share sale to housing appliance maker Lixil Group.

Sharp is also sounding out other companies including power tools maker Makita to buy shares, the sources told Reuters.

The Osaka-based company, which supplies display panels for Apple smartphones, received a $4.6 billion rescue from banks last year and has since received investments from Samsung Electronics and Qualcomm.

Japanese media have flagged the possibility of a public offering this year although the specific timing had remained unclear before Friday's mention of an end-Friday target.

Shares in Sharp rose more than 5 percent in morning trade on Friday to 490, their highest in seven weeks. They have gained nearly 15% over three days.

The company said in a statement nothing had been decided regarding a public share offer or a share sale to companies.

Sharp has forecast an 80 billion yen operating profit for the year to next March 31, after logging a 146.27 billion yen operating loss last year.


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