Reuters: Hot Stocks: Sharp shares climb to 7-week high after fundraising report

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Sharp shares climb to 7-week high after fundraising report Jul 19th 2013, 00:21 TOKYO, July 19 | Thu Jul 18, 2013 8:21pm EDT TOKYO, July 19 (Reuters) - Shares in Sharp Corp climbed 3.7 percent to 480 yen, hitting a seven-week high on Friday after Kyodo news agency said the display maker plans to raise about 100 billion yen ($1 billion) through share sales. Kyodo cited sources familiar with the matter as saying that Sharp plans to raise around 90 billion yen through a public stock offering by the end of September and up to 10 billion yen selling shares to housing equipment maker Lixil Group. Separately, the Nikkei business daily said Sharp was also planning to raise 10 billion yen from power tool maker Makita Corp. "The fact that they are going to get funds from direct investment from other companies that seems a very positive thing. It's non-dilutive to a degree," a Tokyo-based trader said. "It's dilutive on an EPS basis and dividend. But they don't pay a dividend, so nobody cares." Sharp's shares have risen more than 12 percent over the past three sessions. ($1 = 100.6250 Japanese yen) (Reporting by Dominic Lau; Editing by Edmund Klamann)

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