Sharp Seeking To Sell Stake in Pioneer

Monday, April 15, 2013

Sharp Seeking To Sell Stake in Pioneer

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Struggling electronics manufacturer Sharp is reportedly looking to sell its stake in Pioneer, to raise the funds needed to pay off 200 billion yen in convertible debt.

Sharp is expected to sell its 30 million shares in the maker of car navigation systems and home electronics, the Japan Times reported yesterday.

Sharp and Pineer formed a capital and business tieup in 2007. The report added that the two companies would keep collaborating and Pioneer would retain its 0.8 percent stake in Sharp.