Sony to raise up to $3.6bn as growth engine revs up

30 Jun 2015 | Author: | No comments yet »

Sony to Raise $3.58 Billion of Fresh Funds.

Most of the proceeds will be directed to the company’s ‘devices’ division with special emphasis on expanding its presence in image sensors used in mobile handsets and tablet computers. 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.

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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