Hon Hai Precision Industry Co (鴻海精密) subsidiary Sharp Corp yesterday said it would take full control of Sakai Display Products Corp through a stock swap.
The company, based in Osaka, Japan, reached an agreement with Sakai’s majority shareholder, World Praise Ltd, to bring Sakai completely under its corporate umbrella, Sharp chairman and CEO J.W. Tai (戴正吳) said in a statement.
Tai said the move would help make Sharp’s flat-panel business more competitive globally.
Photo: Ann Wang, Reuters
The deal would give Sharp, which owns about 20 percent of Sakai shares, priority rights to supplies from an 8.5 generation plant that the display maker partially owns in Guangzhou, China, Tai said, adding that the plant is producing 55, 65 and 75-inch flat displays for TVs.
The move took into consideration the need for a stable supply of high-quality panels to achieve Sharp’s goal of expanding its global large TV and professional display businesses amid growing global demand, the company said in a statement.
Sharp’s board last month approved the acquisition, it said.
Under the agreement with World Praise, Sharp would acquire the remaining 80 percent of Sakai shares, exchanging 11.45 of its common shares per one Sakai share.
Sharp is to issue about 38.45 million new common shares ahead of the swap, Sharp said, adding that no timetable has been set for the transaction given that is subject to regulatory approval.
Sakai, which is also headquartered in Osaka, has ￥32.49 billion (US$281.44 million) in capital and about 4.2 million shares in circulation, Sharp said.
Sakai chairman Leroy Yau (邱啟華) is World Praise’s largest investor, Sharp said.
As of the end of June last year, Sakai had 1,150 employees, and its major clients were Samsung Electronics Corp and LG Corp.
Sakai in 2020 posted a net loss of ￥101.99 billion, bringing aggregate losses since 2018 to ￥150.11 billion.
The Eurovision Song Contest has seen a surge in punter interest at the bookmakers, becoming a major betting event, experts said ahead of last night’s giant glamfest in Basel. “Eurovision has quietly become one of the biggest betting events of the year,” said Tomi Huttunen, senior manager of the Online Computer Finland (OCS) betting and casino platform. Betting sites have long been used to gauge which way voters might be leaning ahead of the world’s biggest televised live music event. However, bookmakers highlight a huge increase in engagement in recent years — and this year in particular. “We’ve already passed 2023’s total activity and
Nvidia Corp CEO Jensen Huang (黃仁勳) today announced that his company has selected "Beitou Shilin" in Taipei for its new Taiwan office, called Nvidia Constellation, putting an end to months of speculation. Industry sources have said that the tech giant has been eyeing the Beitou Shilin Science Park as the site of its new overseas headquarters, and speculated that the new headquarters would be built on two plots of land designated as "T17" and "T18," which span 3.89 hectares in the park. "I think it's time for us to reveal one of the largest products we've ever built," Huang said near the
China yesterday announced anti-dumping duties as high as 74.9 percent on imports of polyoxymethylene (POM) copolymers, a type of engineering plastic, from Taiwan, the US, the EU and Japan. The Chinese Ministry of Commerce’s findings conclude a probe launched in May last year, shortly after the US sharply increased tariffs on Chinese electric vehicles, computer chips and other imports. POM copolymers can partially replace metals such as copper and zinc, and have various applications, including in auto parts, electronics and medical equipment, the Chinese ministry has said. In January, it said initial investigations had determined that dumping was taking place, and implemented preliminary
Intel Corp yesterday reinforced its determination to strengthen its partnerships with Taiwan’s ecosystem partners including original-electronic-manufacturing (OEM) companies such as Hon Hai Precision Industry Co (鴻海精密) and chipmaker United Microelectronics Corp (UMC, 聯電). “Tonight marks a new beginning. We renew our new partnership with Taiwan ecosystem,” Intel new chief executive officer Tan Lip-bu (陳立武) said at a dinner with representatives from the company’s local partners, celebrating the 40th anniversary of the US chip giant’s presence in Taiwan. Tan took the reins at Intel six weeks ago aiming to reform the chipmaker and revive its past glory. This is the first time Tan
RSS