Want to buy back Sharp's headquarters in Osaka: Foxconn

Foxconn Vice Chairman Tai Jeng-wu said on Saturday he wanted Sharp Corp to use part of the funds it will raise from the Taiwan firm`s investment in it to buy back its headquarters in Osaka, western Japan.

Reuters| Updated: Apr 02, 2016, 17:20 PM IST
Want to buy back Sharp's headquarters in Osaka: Foxconn

Sakai, Japan: Foxconn Vice Chairman Tai Jeng-wu said on Saturday he wanted Sharp Corp to use part of the funds it will raise from the Taiwan firm`s investment in it to buy back its headquarters in Osaka, western Japan.

Tai was speaking at a news conference in Sakai, near Sharp`s headquarters, along with Foxconn Chief Executive Terry Gou and Sharp President Kozo Takahashi, following the formal signing of Foxconn`s takeover of the loss-making Japanese display maker.

After a month of wrangling over price, Foxconn, formally known as Hon Hai Precision Industry Co, this week agreed to take over the loss-making display maker at a big discount to its original offer. Foxconn is set to take a two-thirds stake in Sharp for about $3.5 billion (388.8 billion yen).

Strapped for cash, Sharp sold the building housing its headquarters earlier this year and has been renting out the property.

($1 = 111.6500 yen)