Sharp to sell shares to bring stability

(MENAFN) Japan"s Sharp will earn USD1.5 billion in share sales in an attempt to spur stability following big losses in the past few years, Times of Oman reported. In a statement, the Japanese company said that the shares will be sold to the public and to Makita, Denso and Lixil Group. The company also raised its operating income forecasts by double for the first half of the current fiscal year ending September 30 from USD151.56 million to USD303.12 million. The net loss projection in the period was reduced by 50 percent to USD101.04 million. In the past two fiscal years, the company suffered combined losses of USD9.3 billion due to fierce competition in liquid-crystal displays (LCD) and flat-panel TVs.