• Kyodo

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Sharp Corp. will file next week to return to the first section of the Tokyo Stock Exchange after being demoted last year due to poor financial health, the president said Tuesday.

The move comes as the electronics maker aims to return to a growth track under Taiwanese parent Hon Hai Precision Industry Co., which acquired Sharp last August. Hon Hai is also known by its trade name, Foxconn.

“I intend to file next Thursday or Friday,” President and CEO Tai Jeng-wu told a general meeting of shareholders at Sharp’s headquarters in Sakai, Osaka Prefecture.

Tai has said he hopes to return to the first section by March.

Sharp was demoted to the second section last August after becoming insolvent due to its several years of extensive losses from its ailing liquid crystal display and solar panel businesses.

Also at Tuesday’s meeting, Tai, who was dispatched by Hon Hai to head Sharp’s turnaround, reaffirmed his previous pledge to step down after the Japanese company takes back its place on the first section.

But he also said the he “will stay on as chairman or some other position for three years to take responsibility for management” of the company.

Shareholders voted in favor of the election of five former and current executives from the Hon Hai group, including Tai, to Sharp’s board of directors, up from the previous three.

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