Sharp Corp. shares escalated 6.4% as President Kozo Takahashi and Foxconn Technology Group Chairman Terry Gou signed a rescue agreement last weekend.
On March 31, Foxconn’s Hon Hai Precision Industry Co. placed ¥100 billion ($897 million) into the Japanese company, the first series of a cash infusion to obtain a controlling stake in Sharp. Shares traded at ¥133 ($1.19) in early Tokyo trading.
Sharp previously said it anticipated an operating loss of ¥170 billion ($1.5 billion) for the fiscal year which closed March 31.
It is also slated to record a net loss for the same fiscal year, amounting the total losses over the last five years to over $10 billion.
The material has been provided by InstaForex Company – www.instaforex.com