Arab Today, arab today sharp no investment deal with taiwan\s hon hai
Last Updated : GMT 01:22:36
Arab Today, arab today
Arab Today, arab today

Sharp: No investment deal with Taiwan\'s Hon Hai

Arab Today, arab today

Arab Today, arab today Sharp: No investment deal with Taiwan\'s Hon Hai

Taipei - AFP

The deadline for a crucial capital injection in Sharp from Taiwan's Hon Hai Precision lapsed Tuesday without any deal, with the struggling Japanese electronics giant citing regulatory hurdles. Last year, Sharp announced an investment agreement then valued at about $800 million with Hon Hai, which makes Apple gadgets in China, but the deal stalled as the Japanese firm's share price nosedived. Months of speculation over the fate of the pact followed as cash-strapped Sharp sought out other investors, including US-based chipmaker Qualcomm and South Korean rival Samsung. On Tuesday the deadline for a deal passed, with Sharp saying that the pact faltered because it could not win approval from "relevant authorities". The firm, which is struggling to repair a tattered balance sheet, added that it was "examining the possibility of other ways of funding due to the unfulfillment of this payment". Japan's leading Nikkei economic daily reported that the two sides, which have a pre-existing business relationship, would continue talks but it was unclear if they planned to resurrect a capital investment deal. Hon Hai officials in Taipei were not immediately available for comment. Taiwanese regulators last year returned Hon Hai's application to buy the stake in Sharp and asked for more information about the deal, saying they feared the sale price was too high. Sharp was to sell 121 million new shares worth 66.9 billion yen ($710 million at current exchange rates) to Hon Hai, which would also take half of the Japanese firm's 93.0 percent interest in a huge liquid crystal display plant in western Japan. Sharp shares, which closed 1.69 percent lower at 290 yen on Tuesday, were trading above 500  yen apiece when the deal was announced in March last year. Better known as Foxconn, Hon Hai is the world's largest maker of computer components and produces goods for tech giants including Apple, Sony and Nokia. It employs around one million workers in China, about half of them based in the southern Chinese industrial hub Shenzhen. Sharp, like domestic rivals Sony and Panasonic, has been hammered by credit rating downgrades and record losses, which saw the century-old firm warn about its own survival last year. The maker of Aquos-brand electronics has embarked on a painful restructuring including thousands of job cuts and slashed wages from the factory floor to the boardroom. It also said it would put up real estate as collateral for desperately needed bank loans,  including its Osaka headquarters. It expects to lose about 450 billion yen in the current fiscal year through March. Earlier this month, Sharp said rival Samsung would buy 10.4 billion yen of new shares, or a three-percent stake in the Japanese firm, making the smartphone and tablet maker its biggest foreign shareholder. In December, Sharp said it had reached a 9.9 billion yen capital injection deal with Qualcomm. Japan's battered electronics sector has suffered from a number of problems including a high yen, slowing demand in key export markets, fierce overseas competition and strategic mistakes that left its finances in ruins.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today sharp no investment deal with taiwan\s hon hai Arab Today, arab today sharp no investment deal with taiwan\s hon hai

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today sharp no investment deal with taiwan\s hon hai Arab Today, arab today sharp no investment deal with taiwan\s hon hai

 



Arab Today, arab today
Arab Today, arab today Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today unveils Joon - the 'millenials' airline

GMT 13:36 2017 Saturday ,23 September

unveils Joon - the 'millenials' airline
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Iran tests new medium-range missile

GMT 21:24 2017 Saturday ,23 September

Iran tests new medium-range missile
Arab Today, arab today Saudi Arabia to unblock internet calling apps

GMT 11:31 2017 Wednesday ,20 September

Saudi Arabia to unblock internet calling apps
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Ministry seeks to improve education

GMT 14:49 2017 Sunday ,17 September

Ministry seeks to improve education
Arab Today, arab today All eyes on May as she prepares

GMT 10:16 2017 Friday ,22 September

All eyes on May as she prepares
Arab Today, arab today Big Western brands polluting oceans

GMT 20:10 2017 Saturday ,23 September

Big Western brands polluting oceans
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Carmakers face billions in European

GMT 12:37 2017 Saturday ,23 September

Carmakers face billions in European
Arab Today, arab today Mercedes pumps 1 bln euros    

GMT 06:04 2017 Friday ,22 September

Mercedes pumps 1 bln euros    
Arab Today, arab today Lebleba is preoccupied in filming 'Back Street'

GMT 08:56 2017 Thursday ,21 September

Lebleba is preoccupied in filming 'Back Street'
Arab Today, arab today Puerto Rico, Virgin Islands brace

GMT 12:01 2017 Wednesday ,20 September

Puerto Rico, Virgin Islands brace

GMT 08:59 2017 Wednesday ,20 September

Youssra prepares for launching her program

GMT 18:09 2017 Thursday ,21 September

China lifts 10-year travel ban

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 06:21 2017 Wednesday ,20 September

France hopeful of persuading Trump

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 08:39 2017 Friday ,22 September

New Hurdles as Republicans Rush

GMT 06:49 2017 Friday ,22 September

O'Leary: Could ground more planes

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 12:46 2017 Thursday ,21 September

Google likely to buy stake in Taiwan smartphone maker HTC

GMT 11:37 2017 Saturday ,12 August

Fashion designer reveals her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday