OEM to Take Hold of Joint Venture

Sharp has announced to assume full control of its joint venture in Hong Kong for profit expansion.

According to its notice, Sharp’s Board of Directors has passed the resolution to end the joint venture agreement with Roxy Electric Company, Limited (“Roxy”). The OEM declared to purchase the 50% share held by Roxy to turn the joint venture – Sharp-Roxy (Hong Kong) Limited (“SRH”) into its subsidiary.

SRH was established to enter the home electrical appliance business market in Hong Kong and Macao. However, Sharp claims the market environment has been changing partly as a result of intensifying price competition for products and the emergence of new competitive companies. With examination of the business, Sharp and Roxy have agreed on the termination of the joint venture agreement. Sharp believes the alternation will help further expansion on future market profit. The company also plans to seek for a distributorship agreement with the Hong Kong major electronic equipment sales company – S.A.S Dragon Holdings Ltd group.

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