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Sharp to raise $110 million by selling 3 percent stake to Samsung Electronics

US-SHARP-SAMSUNG-ISSUANCE:Sharp to raise $110 million by selling 3 percent stake to Samsung Electronics

TOKYO (Reuters) - Sharp said on Wednesday that it will raise 10.3 billion yen ($110 million) through a share offer to Samsung Electronics in a bid to bolster its finances.

After dilution, Samsung Elecronics will own a 3 percent stake in Sharp. The struggling Japanese electronics maker said in a statement that it will supply large TV panels and expand shipments of smaller LCDs for use in mobile devices to Samsung.

($1 = 93.35 Japanese yen)

(Reporting by Tim Kelly and Miyoung Kim; Writing by Shinichi Saoshiro; Editing by Edwina Gibbs)

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Related Keywords:US , SHARP , SAMSUNG , ISSUANCE

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