Sharp Corp. (SHCAY.PK) said it would not be able to receive a subscription payment on March 29 regarding a previously announced issuance of new shares to Qualcomm Inc. (QCOM).
The Japanese LCD panel maker had announced on December 4, 2012 that its board of directors passed a resolution for the issuance of new shares by way of the third party allotment to Qualcomm with the subscription payment date being March 29, 2013.
Sharp said Sunday that it would not be able to receive the subscription payment on March 29 due to certain procedures required under the Companies Act, since the discussion on the fulfillment of the conditions precedent to the implementation of the Second Third Party Allotment Capital Increase is still being continued.
The company, however, plans to continue its discussions with Qualcomm.
Qualcomm had said in December 2012 that through its equity investment in Sharp, it would become a minority shareholder in that company. The equity investment was to take place in stages.
The stock is currently falling 1.9 percent in Tokyo at 309 yen.
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