Sharp Corp (SHCAY.PK) Key Developments | Reuters.com
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Sharp Corp (SHCAY.PK)

SHCAY.PK on OTC Markets Group

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28 Jun 2016
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Latest Key Developments (Source: Significant Developments)

Sharp to be moved to TSE second section
Thursday, 23 Jun 2016 06:01am EDT 

Sharp Corp <6753.T> : Says it will be moved to Tokyo Stock Exchange (TSE) second section from TSE first section from Aug. 1 .Says grace period until delisting is from April 1 to March 31, 2017, due to heavy debt.  Full Article

BRIEF-Sharp announces lawsuit filed by former contract workers (May 24)
Tuesday, 24 May 2016 10:40pm EDT 

Corrects headline and first bullet to say lawsuit was filed by former contract workers, not former employees; corrects first bullet to say lawsuit was filed against co and three other firms, not co and one firm.Sharp Corp <6753.T>: Says it announces lawsuit filed by 37 former contract workers (plaintiffs) against co and three other firms(defendants) on April 15 .Says the plaintiffs insist that the dismissal is void and requires related compensation.  Full Article

Sharp announces lawsuit filed by former employees
Tuesday, 24 May 2016 04:15am EDT 

Sharp Corp <6753.T> : Says it announces lawsuit filed by its 37 former employees (plaintiffs) against the co and another firm (defandents) on April 15 .Says the plaintiffs insist that the dismissal is void, and requires related compensation.  Full Article

Hon Hai Precision likely is considering laying off about 3,000 in Japan in order to quickly turn Sharp's operations profitable - Nikkei
Friday, 13 May 2016 12:13pm EDT 

Nikkei: Hon Hai Precision likely is considering laying off about 3,000 in Japan in order to quickly turn Sharp's operations profitable - Nikkei . Sharp indicated to tokyo stock exchange it is considering reducing its workforce by 7,000 globally, only to retract that statement immediately - Nikkei . Hon Hai CEO sent a message to sharp employees thursday, saying staff cuts are necessary to eliminate inefficiencies, overlapping operations- Nikkei . Sharp President Kozo Takahashi told reporters thursday his co has no intention of implementing a voluntary retirement program anytime soon - Nikkei .Sharp's public relations department said indication to tokyo stock exchange was a clerical mistake - Nikkei.  Full Article

Foxconn founder Gou issues open letter to Sharp staff after Sharp earnings
Thursday, 12 May 2016 09:19am EDT 

: Foxconn founder Gou issues open letter to Sharp staff after Sharp issues earnings, names new CEO . Sharp financial results "sub-par" – Foxconn's Gou in letter to Sharp staff . Need to reduce Sharp workforce after “close review” – Foxconn's Gou to Sharp staff . Level of inefficiency throughout Sharp operations means turnaround only if costs are reduced – Foxconn's Gou . Will handle staff cuts “responsibly and sensitively” – Foxconn's Gou . Wages, year-end bonus levels to return to original levels from May 2016, no more wage cuts – Foxconn's Gou . Foxconn's Gou to personally guarantee credit for preferred stock buy-backs – Foxconn letter Further company coverage: [TW] <2317.TW> ((ian.geoghegan@thomsonreuters.com;)).  Full Article

Hon Hai director to replace Sharp's current president following takeover - Nikkei
Wednesday, 11 May 2016 01:37pm EDT 

Nikkei:Hon Hai Director Tai Jeng-Wu expected to replace Sharp's current president Kozo Takahashi following takeover by beginning of October - Nikkei.  Full Article

Sharp Corp considers axing another 1,000 jobs - EFE Ingles
Thursday, 28 Apr 2016 12:15am EDT 

Sharp Corp:Sharp is considering cutting another 1,000 jobs to reduce costs and become more profitable after signing an agreement with Taiwanese firm Foxconn, which will acquire the majority of the Japanese electronics company's shareholdings.The downsizing will focus on products with low profitability such as photovoltaic solar panels, sources close to the matter told financial newspaper Nikkei on Thursday.However, the company is yet to determine whether the cuts will include voluntary early retirement, according to the same sources.Sharp has for years faced operating difficulties, such as for the manufacturing of liquid crystal display (LCD) screens, due to lowered demand from manufacturers including Apple.The firm implemented restructuring processes in 2012 and 2015, resulting in some 3,000 early retirements, however the cost-cutting initiatives have not yet yielded the expected results.Sony's new round of job cuts are part of a new business plan as Foxconn becomes the main shareholder of the group.Foxconn chairman Terry Gou has expressed his desire not to cut jobs once the purchase agreement signed on Apr. 2 goes into effect.However, Gou added that his main objective is to clean up the accounts and performance of the ailing Osaka-based company.  Full Article

Sharp reaches settlement for lawsuit
Thursday, 21 Apr 2016 04:00am EDT 

Sharp Corp:Says the co, General Electric Company and subsidiary Sharp Electronics Corporation reached settlement with Kentucky Farm Bureau Mutual Insurance Company and two individuals for lawsuit, and the three entities to pay $245,000 for the settlement.  Full Article

Sharp and subsidiary announces lawsuit
Thursday, 7 Apr 2016 04:05am EDT 

Sharp Corp:Says U.S-based company AutoOwners Insurance Company and Carolina Hotel Investors – Crabtree LLC filed lawsuit to against General Electric Company, the company, subsidiary Sharp Electronics Corporation and Johnstone Supply,Inc, regarding a fire accident.Says plaintiffs demand damage of $1,278,728.59 and $25,000 and related interest legal expense.  Full Article

Foxconn Technology unit to buy 646,400,000 shares of Sharp Corporation
Wednesday, 30 Mar 2016 04:58am EDT 

Foxconn Technology Co Ltd:Unit Foxconn Technology Pte. Ltd to buy 646,400,000 shares of Sharp Corporation at 88 yen per share, or 56,883.2 mln yen.Unit to hold 13 pct stake in Sharp Corporation.  Full Article

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Sharp shares dive 16.5 percent on downgrade to Tokyo bourse's 2nd section

TOKYO Shares in Japanese electronics maker Sharp Corp fell as much as 16.5 percent on Friday after the company said it would be demoted to the Tokyo Stock Exchange's second section from the first section as of August 1.