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Sharp India provides update on Sharp Corporation Japan

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Sharp Corporation, Japan to issue new shares through third party allotment

Sharp India announced that Sharp Corporation Japan, who owns 75% of the equity share capital of the Company, has adopted a resolution at its meeting of the Board of Directors held on 25 February 2016 that -

1. Sharp Corporation, Japan shall issue new shares (common shares and Class C Shares) through third-party allotment (the Capital Increase Through Third-Party Allotment), in which the allottees are Hon Hai Precision Industry Co. (Hon Hai Precision Industry"), Foxconn (Far East), a wholly-owned subsidiary of Hon Hai Precision Industry (Foxconn FE), Foxconn Technology(Foxconn Technology), and SIO International Holdings (SIO; together with Hon Hai Precision Industry, Foxconn FE, and Foxconn Technology, collectively the Planned Allottees").

2. In addition, Sharp Corporation, Japan also announces the expected change of the parent Company, the largest shareholder, who is a major shareholder, and of major shareholders of Sharp Corporation, which will occur as a result of the Capital Increase Through Third-Party Allotment.

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First Published: Wed, March 09 2016. 17:03 IST