Sharp gets less fresh money than hoped for

Sharp gets less fresh money than hoped for

The placement of new shares raised around 119.1 billion yen instead of the targeted 149 billion yen (905 million instead of 1.13 billion euros), the company announced on tuesday. The reason for this is the fall in the stock market price.

In addition to the placement of new shares, the entry of the japanese companies denso, lixil and makita will add another 17.5 billion yen to sharp’s coffers. Sharp had announced the plan in mid september. At that time, the share price was 376 yen, but on tuesday it closed at 291 yen. The new shares are only offered at 279 yen.

Sharp had admitted last year after high losses that the desolate financial situation threatened the continued existence of the company and was since then under high pressure to find fresh money. In the meantime, the situation has eased somewhat due to the weaker yen exchange rate, among other things.

Sharp lowered in september the forecast for the expected loss in the fiscal year still running until the end of march from 20 billion yen to 10 billion yen (just over 75 million euros).


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