June 20, 2017 / 3:04 AM / 2 months ago

Sharp to apply for relisting on TSE's first section

FILE PHOTO : A logo of Sharp Corp is pictured at CEATEC (Combined Exhibition of Advanced Technologies) JAPAN 2016 at the Makuhari Messe in Chiba, Japan, October 3, 2016.Toru Hanai/File Photo

TOKYO (Reuters) - Sharp Corp will apply for relisting on the first section of the Tokyo Stock Exchange, the company said on Tuesday, underlining its recovery under Taiwanese owner Foxconn.

The application for relisting will be made on June 29th or 30th, the company said.

Sharp's shares jumped as much as 4.1 percent to 406 yen in morning trading in Tokyo.

The electronics maker's shares were moved to the TSE's second section last August after it fell into negative net worth.

Sharp has since returned to positive net assets after a capital infusion by Foxconn, formally known as Hon Hai Precision Industry Co Ltd, and is forecasting its first annual net profit in four years.

Reporting by Sam Nussey; Editing by Stephen Coates

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