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Samsung pays JPY 10.38 bln for 3.04% of Sharp
2013-03-06 10:11:00| Telecompaper Headlines
(Telecompaper) Sharp announced that it will issue 35.8 million shares to Samsung at an issue price of JPY 290 per share. The transaction raises JPY 10.38 billion for Sharp and gives Samsung 3.08 percent of Sharp voting shares and 3.04 percent of total issued shares. Sharp said it would use the proceeds further strengthen its relationship with Samsung by ensuring a long-term, stable and timely supply of LCDs for large TVs and small and medium LCD panels for tablets and notebook computers. Specifically, Sharp expects to spend JPY 6.9 billion to introduce new technology for HD LCDs and JPY 3.23 billion to investments including rationalising plans making LCDs with HD features for mobile devices. The transaction is due to close on 28 March.
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Category:Telecommunications