Sharp to Raise $110 Million by Selling 3% Stake to Samsung
Published: Wednesday, 6 Mar 2013 | 2:23 AM ET
Sharp said on Wednesday that it will raise 10.3 billion yen ($110 million) through a share offer to Samsung Electronics in a bid to bolster its finances.
(Read More: Sharp in Talks to Sell Chinese TV Plant to Lenovo)
After dilution, Samsung will own a 3 percent stake in Sharp. The struggling Japanese electronics maker said in a statement that it will supply large TV panels and expand shipments of smaller LCDs for use in mobile devices to Samsung.
South Korea's Samsung Electronics is set to invest about $110 million in struggling Sharp, a deal that will ensure it a smooth supply of large-sized TV panels and help bolster the Japanese company's chances of survival.