Japan’s Sharp Corp is aiming to raise 100 billion yen ($1 billion) from share sales by the end of September as the struggling display maker looks to partnerships and a public offering to bolster its finances, media reports and sources familiar with the situation said on Friday.<\/p>\n
The company plans a public offering of 90 billion yen by end-September, Kyodo news agency reported, while two sources familiar with the matter said it plans to raise 10 billion yen through a share sale to housing appliance maker Lixil Group Corp.<\/p>\n
Sharp is also sounding out other companies including power tools maker Makita Corp to buy shares, the sources told Reuters.<\/p>\n
The Osaka-based company, which supplies display panels for Apple Inc’s smartphones, received a $4.6 billion rescue from banks last year and has since received investments from Samsung Electronics Co Ltd and Qualcomm Inc.<\/p>\n
Japanese media have flagged the possibility of a public offering this year although the specific timing had remained unclear before Friday’s mention of an end-Friday target.<\/p>\n
Shares in Sharp rose more than 5 percent in morning trade on Friday to 490, their highest in seven weeks. They have gained nearly 15 percent over three days.<\/p>\n
The company said in a statement nothing had been decided regarding a public share offer or a share sale to companies.<\/p>\n
Sharp has forecast an 80 billion yen operating profit for the year to next March 31, after logging a 146.27 billion yen operating loss last year.<\/p>\n
($1 = 100.62 Japanese yen)<\/p>\n
Sharp to miss investment deadline<\/a><\/strong><\/p>\n Qualcomm may become Sharp\u2019s biggest shareholder<\/strong><\/a><\/p>\n Sharp bags $4.6 billion bank bailout<\/strong><\/a><\/p>\n Sharp greenlit for $2.7 billion in bank loans \u2013 source<\/strong><\/a><\/p>\n