Sharp to Buy Back Remaining Preferred Shares in June

Economy

Osaka, May 9 (Jiji Press)--Sharp Corp. <6753> plans to spend around 100 billion yen at the end of June to buy back the remaining 108,000 preferred shares, informed sources said Thursday.

The Japanese liquid crystal display panel maker sold 200,000 preferred shares to Mizuho Bank and Bank of Tokyo-Mitsubishi UFJ, now MUFG Bank, in 2015 during its financial crisis.

The buyback comes as Sharp's finances improved after the company was acquired by Taiwan's Hon Hai Precision Industry Co. in 2016, the sources said.

Sharp's preferred shares will be able to be converted to common shares starting in July. The company bought back 92,000 of the 200,000 preferred shares for 85.1 billion yen in January.

The company said its group sales decreased 1.1 pct in the year ended last March from the previous year to 2,400,072 million yen, hurt by slowing economic growth in China.

[Copyright The Jiji Press, Ltd.]

Jiji Press