Sharp Corporation (6753) To Raise $1.7 Billion From Share Sale And Partnerships
Sharp Corporation (TYO:6753) has announced that they will be raising around $1.7 billion from a share sale and through new business alliances. The company is also forecasting a narrower loss. The driving forces behind the optimistic financials are due to the sales of large LCDs for TVs and solar cells.
Sharp is forecasting a net loss of 10 billion yen ($100 million) for the six months ending September 30th, which is around half of the loss forecasted in April. Sharp is expecting to raise $1.5 billion from a public share sale. The company is also going to generate around $177 million by selling shares to Denso (auto parts), Lixil (building materials), and Makita (electric tools).
Sharp has lost over 900 billion yen ($9.1 billion) in the last two years due to a strong yen and competition in the panels market. Sharp will be using the cash for new product development.
[Source: ABC News]