Sharp
Corporation (Sharp) and Sony Corporation (Sony) terminated its joint venture to
produce and sell large-sized LCD panels and modules.
According to a
statement, Sony will sell its shares, representing
7.04% of the issued shares, in Sharp Display Products Corporation (SDP).
Sharp said that in consideration for the sale of
shares, Sony will receive cash consideration equal to its original investment
of ten billion yen to be paid by SDP.
Both the sale of shares and the payment of cash
consideration will be completed by the end of June 2012.
Sharp transferred its LCD panel plant in Sakai City,
Osaka Prefecture, to SDP, a wholly-owned subsidiary of Sharp July 1, 2009 and
on December 29, 2009, Sony invested 10 billion yen to SDP in exchange for new
shares issued by SDP to Sony, representing 7.04% of the issued shares of SDP.
SDP became a joint venture company of Sharp and Sony
as of 2009. In March 2012, Sharp and Sony agreed to amend the original joint
venture agreement to provide that Sony would not make additional capital
injections in SDP.
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