Sharp Jumps Most in 4 Months After Report on Samsung Investment
Sharp Corp. (6753), the unprofitable maker of Aquos televisions, rose the most in more than four months in Tokyo trading after the Yomiuri newspaper reported the company may seek additional investment from Samsung Electronics Co.
Sharp surged 15 percent, the stock’s biggest gain since Dec. 26, to close at 423 yen. The shares have advanced for four straight days and climbed 40 percent this year.
Samsung, Asia’s biggest electronics maker, may make an additional investment of “several tens of billions of yen,” making it Sharp’s biggest shareholder, the Yomiuri reported, without saying where it got the information. Sharp, which last year mortgaged properties including its Osaka headquarters to refinance debt following a record loss, sold 10.4 billion yen ($105 million) of shares to Samsung in March.
Sharp wasn’t the source of the Yomiuri report, the company said in a statement to the Tokyo Stock Exchange today.
“We are reviewing ways to cooperate in various areas, but nothing has been decided,” Suwon, South Korea-based Samsung said in a statement.
To contact the editor responsible for this story: Michael Tighe at email@example.com