SONY IS PLACING its faith in its growing image sensor business and it’s planning to raise more than 441 billion yen (€3.2 billion) to help grow it.
The company is raising the funds by selling shares and convertible bonds as it looks for ways to turn its business around.
Image sensors, a key component in smartphone and digital camera, has turned into one of Sony’s strongest sectors alongside the Playstation. The company has a 40% market share thanks to its partnerships with Apple and Samsung.
While it recorded a net loss of 126 billion yen (€920 million), it expects a profit of 140 billion yen (€1.02 billion) in the current year. As a way of returning to long-term profit, the company has spun-off different businesses like TVs, PCs and its video and audio business.
Its shares plunged 8.25% Tuesday on dilution fears after the Japanese electronics giant announced its plans.
The stock closed at 3,461.5 yen on the Tokyo Stock Exchange, down 8.25% from the previous day, while the benchmark index ended up 0.63%.
Of the 441 billion yen it plans to raise, 321.5 billion yen will be procured though new issuance and a secondary offering of shares. It is the first new share issuance in 26 years, the company said.
The company plans to raise another 119.9 billion yen in bonds that can be converted into stocks.
“As financing this size is unusual, it’s only natural that the stock fell in accordance with an expected dilution” of per-share value, said Hirokazu Kabeya, senior strategist at Daiwa Securities.
The announcement came with players unsettled by events in Europe, where Greece is lurching towards a default on its debt.
“The timing wasn’t good as the market was already roiled over the Greek problem,” he told AFP.
(Additional reporting by Quinton O’Reilly)
Could the journal not just say ” stalking “
@martin byrne: it’s a quote from the WTA statement.
What do they mean by “fixated behaviour”. Was he looking at her or what.
@Ray Ridge: rumour has it, he was playing a little bit of tennis with his own tennis balls. His serve was a master stroke, and Emma was his opponent
Why wasn’t he arrested instead of kicking him out.
@Papa Kilo: Without wishing to make light of a potentially serious situation, for what exactly? The bloke who walked 23 miles to knock on her front door on the other hand….
@Justin Robinson: I’m sure Emma knows when she is being stalked. There is no need to second guess her intuition. If she felt unsafe then that is enough.
@Phil McCabe: let’s hope we don’t start banging people up on “intuition”, or “how she felt”
Whatever terminology was used is pure semantics. The poor girl was obviously in a very distressed state and needs to be taken seriously. Some of the comments here give the impression she was over reacting. There are a lot of freaks out there whose behaviour is deliberately borderline, in order to create the impression that there isn’t really anything going on. This is a shockingly sinister development and needs to be treated as such.
@Dave Campbell: the cynics probably too young to remember the what happened to Monica Seles