June 5, 2018 / 5:34 AM / 2 years ago

Japan's Sharp to issue new shares worth about $1.8 billion

FILE PHOTO: A logo of Sharp Corp is pictured at the CEATEC JAPAN 2017 (Combined Exhibition of Advanced Technologies) at the Makuhari Messe in Chiba, Japan, October 2, 2017. REUTERS/Toru Hanai

TOKYO (Reuters) - Japan’s Sharp Corp (6753.T) said on Tuesday it will issue new shares worth about 200 billion yen ($1.8 billion), sending shares of the company tumbling.

The Japanese electronics unit of Taiwan’s Foxconn plans to use most of the funds to buy back preferred shares from its main lenders Mizuho Financial Group (8411.T) and Mitsubishi UFJ Financial Group (8306.T).

Earlier in the day, Sharp said it will buy Toshiba Corp’s (6502.T) personal computer business for 4 billion yen ($36 million), highlighting its recovery under the control of Foxconn and marking a return to a business it quit eight years ago.

Its shares were last down 3 percent after having fallen as much as 10 percent at one stage.

Reporting by Makiko Yamazaki; Editing by Edwina Gibbs

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