Sharp Corp. said Tuesday it will sell its new shares to Taiwan's Hon Hai Precision Industry Co. and its three group firms to help boost profitability in the fierce global display rivalry, making the Taiwanese group collectively the largest Sharp shareholder with a stake of about 10 percent.
Hon Hai itself, which makes electronics products mainly for other brands, will be the second-biggest individual shareholder in Sharp after Nippon Life Insurance Co., whose holding will be reduced to 4.52 percent from 5.01 percent after the new share purchase by the four firms.
Under the agreement, Sharp will raise a total of ¥66.5 billion, with Hon Hai taking a 4.06 percent stake and its three group firms buying the rest.
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