Sharp Returns to TSE First Section
Tokyo, Dec. 7 (Jiji Press)—Sharp Corp., now on track to reconstruct its operations, returned to the first section of the Tokyo Stock Exchange on Thursday, about 16 months after its demotion to the TSE second section.
The stock fetched the day's first quotation of ¥3,905, up ¥20 from Wednesday's closing on the second section. However, it lost momentum later to close down ¥80 at ¥3,805, extending its losing streak to a third day.
The Japanese electronics maker was demoted to the second section on August 1 last year, after it fell into a state of excess liabilities over assets on a consolidated basis at the end of March 2016.
Sharp later in 2016 came under the wing of major Taiwanese contract electronics manufacturer Hon Hai Precision Industry Co., also known as Foxconn Technology Group, and wiped out the negative net worth thanks to a capital injection by the parent company.
After carrying out drastic structural reforms, including cost cuts, under its president and chief executive officer, Tai Jeng-wu, who is from Hon Hai, Sharp returned to the black on a consolidated operating basis for the first time in three years in fiscal 2016, which ended in March this year.[Copyright The Jiji Press, Ltd.]