Qualcomm Payment for New Sharp Share Issue Due June 28
March 22 2013 - 7:50AM
Dow Jones News
TOKYO--Sharp Corp. (6753.TO) said Friday that payment for a
second equity investment by U.S. technology company Qualcomm Inc.
(QCOM) is now scheduled for June 28.
In December, the struggling Japanese company reached an accord
for an equity investment of up to Y9.9 billion from the U.S.
company and the first round of the equity issuance worth Y4.9
billion took place at the end of December. But the second round of
the new share issuance was pushed back from the previously
determined deadline on March 29, since the two sides have yet to
agree terms in ongoing talks.
Sharp has fallen on hard times, unable to maintain its
competitive edge in the face of stiff competition with cheaper
overseas rivals.
It has been in dire need of capital, prompting the company to
decide to receive a lifeline from its rival Samsung Electronics Co.
(005930.SE). The South Korean electronics conglomerate agreed to
invest Y10.4 billion for about a 3% stake in Sharp.
Write to Hiroyuki Kachi at Hiroyuki.Kachi@dowjones.com
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