Sharp to delist from Nagoya, Fukuoka, Sapporo stock exchanges

Sep 26, 2012 - Japanese electronics group Sharp Corp (TYO:6753), also active in the solar energy sector, said today it would apply for delisting from the Nagoya Stock Exchange, Fukuoka Stock Exchange and Sapporo Securities Exchange.

The company gave as reason for the decision, approved by the board on Wednesday, the low trading volume on these bourses. Following delisting Sharp’s common stock will trade only on the Tokyo Stock Exchange and the Osaka Securities Exchange.

On Tuesday, Kyodo News reported that Sharp was to lay off 10,966 in Japan and abroad, dispose of Toshiba Corp (TYO:6502) shares, sell its US solar project development arm Recurrent Energy LLC and consolidate its home appliance, office equipment and solar battery sales units in Japan into a single entity. These moves are part of a restructuring plan, which was presented on Monday to financial institutions and seen by Kyodo. The ultimate goal of the plan is for Sharp to return to the black in the fiscal year through March 2014. In fiscal 2011/12 the company posted a loss of JPY 376 billion (USD 4.8bn/EUR 3.8bn).

(JPY 100 = USD 1.288/EUR 1.000)

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