Sharp to spin off LCD business, seek gov't funding
(MENAFN) Sharp Corp may spin off its LCD panel business and seek funding for it from the government-backed Innovation Network Corporation of Japan (INCJ), The Peninsula Qatar reported.
The loss-making Japanese electronics giant maker said that the LCD unit will be spun off in the current fiscal year and that INCJ could invest USD839.7 million in the new entity.
A source familiar with the plan said that Sharp, as part of its restructuring plan, wants to keep a majority in the LCD unit, and that details of an INCJ stake have not been decided.
Sharp, on track for its third annual net loss in four years, has been trying to negotiate its second major bailout since 2012, with the company promising restructuring in return for new funds.
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