Sony Plans $3.6 Billion Stock, Bond Offering

30 Jun 2015 | Author: | No comments yet »

Sony Plans $3.6 Billion Stock, Bond Offering.

Sony Corp. plans to raise about 440 billion yen ($3.6 billion) in a sale of shares and convertible bonds to help finance an increase in production of image sensors used in smartphones. The Japanese electronics company said it hopes to raise ¥322 billion ($2.63 billion) through a new share offering and ¥120 billion through an issuance of convertible bonds. Chief Executive Officer Kazuo Hirai is focusing on image sensors, games and entertainment to revive growth at Sony, which is projecting its first annual profit in three years.

Sony said the bulk of the proceeds will be spent on beefing up its production and research-and-development capacity at its device unit, the company’s latest cash cow. The Japanese company’s image sensors—a core part of its cameras—have attained the top spot in the industry and are used in many smartphones, including Apple Inc.’s iPhone and Samsung Electronic Co. The shares have jumped 40 percent this year, compared with a 16 percent gain in the Nikkei 225 Stock Average “We have gone through a restructuring phase and are now entering into an investment stage,” the company’s spokesman Yasuhiro Okada said. The share and convertible bond sales amount to about 10 percent of the company’s current market value of about 4.1 trillion yen, according to data compiled by Bloomberg.

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