Sharp to sell ¥137 billion in shares

Bloomberg

Sharp Corp. will raise as much as ¥137 billion selling stock at a discount as the company seeks to rebuild its balance sheet after record annual losses.

Shares will be priced at ¥279 apiece, 4.1 percent lower than Monday’s closing price, Osaka-based Sharp said in a regulatory filing Tuesday. Japan’s largest maker of liquid-crystal displays will raise as much as ¥119.1 billion from a public share sale and ¥17.4 billion from selling stock to Makita Corp., Denso Corp. and Lixil Group Corp., it said.

Sharp posted losses totaling ¥921 billion during the past two financial years amid intensified competition in LCDs and flat-panel TVs. The supplier for Apple Inc.’s iPhone and iPad is tapping into the Japanese equities rally after previously selling minority stakes to Samsung Electronics Co. and Qualcomm Inc.