Sharp Cancels Share Sale

Sharp 8K television

Citing current U.S.-China trade tensions, Sharp Corporation of Osaka, Japan, has cancelled its bid to raise capital by selling new company shares. Last month, the Foxconn-owned company had said that it would seek to raise $1.8 billion (200 billion yen) by selling new shares.

Last week, however, Foxconn-owned Sharp said that continuing stock-market instability and trade friction between the United States and China led it to cancel sale of the shares. Sharp says it would have used the sale to improve its finance and purchase preferred stock.

The company doesn’t expect the cancellation to have any effect on its business and Medium-Term Management Plan. It says it will continue to invest in various areas through creating “People-Oriented IoT” devices and establishing an 8K ecosystem. In other ventures, last month, Toshiba announced that it would be selling 80.1 percent of its share in its PC business, Toshiba Client Solutions Company, to Sharp for $36 million (4 billion yen).

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