Sony Ericsson to seek $135.5 million or more
TOKYO (Reuters) - Japanese electronics maker Sony Corp (6758.T) said on Tuesday its loss-making mobile phone joint venture with Sweden's Ericsson (ERICb.ST) will likely seek at least 100 million euros ($135.5 million) in funds by March.
The comment by a Sony spokeswoman comes after Sony Chief Financial Officer Nobuyuki Oneda said last week that the venture would need to raise funds in some way, whether it be through bank loans or via an injection from the parent companies.
Sony Ericsson said last month it planned to cut one in five jobs this year to help it return to profit after sluggish demand resulted in a hefty first-quarter loss.
Details of the fund raising will be jointly decided by the two parent companies, Sony spokeswoman Mami Imada said.
Shares in Sony were up 3.5 percent at 2,505 yen, outperforming the Tokyo stock market's electrical machinery index .IELEC.T, which gained 2.3 percent.
- NOAA employee charged with stealing U.S. dam information
- Autopsy of slain Missouri teen shows close-range gunshot: report
- Special Report: Traffickers use abductions, prison ships to feed Asian slave trade
- Hong Kong protesters march after fruitless talks with government
- Sweden gets two new sightings, as hunt for undersea intruder goes on