Sharp to raise $110 mln by selling 3 pct stake to Samsung Elec

TOKYO, March 6 Wed Mar 6, 2013 2:10am EST

TOKYO, March 6 (Reuters) - Sharp said on Wednesday that it will raise 10.3 billion yen ($110 million) through a share offer to Samsung Electronics in a bid to bolster its finances.

After dilution, Samsung Elecronics will own a 3 percent stake in Sharp. The struggling Japanese electronics maker said in a statement that it will supply large TV panels and expand shipments of smaller LCDs for use in mobile devices to Samsung.

A couple walks along the rough surf during sunset at Oahu's North Shore, December 26, 2013. REUTERS/Kevin Lamarque

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