Fujitsu Ltd. said Friday it has sold part of its shareholdings in industrial robot manufacturer Fanuc Ltd. to raise funds to repay interest-bearing debts, although it still the biggest shareholder.
Fujitsu, a leading high-tech firm, said it sold 11 million shares in Fanuc on Friday for about 55.4 billion yen, reducing its stake in the company to 24.91 percent from 29.5 percent and leading it to revise its projected net profit for the year.
Fujitsu said it now expects an unconsolidated net profit of 50 billion yen for the current business year, up from the 20 billion yen it projected April 25.
The company said it left unchanged its projected unconsolidated pretax profit at 35 billion yen and sales at 2.73 trillion yen.
Fujitsu also left unchanged its group earnings projections.