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Sharp to buy back preferred shares as it rebounds under Foxconn

Repaying rescue funds from two lenders marks a milestone for electronics maker

Sharp President J.W. Tai has helped bring the company back on track since coming over from parent Foxconn in 2016.   © Reuters

TOKYO -- Electronics manufacturer Sharp will buy back and retire all of the roughly 100 billion yen ($905 million) in preferred shares held by its two top lenders this fiscal year as its earnings recover under parent Foxconn's restructuring plan. 

The planned buybacks from Mizuho Bank and MUFG Bank follow a repurchase of about 85 billion yen worth of preferred shares in January.

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