Nippon Elec Glass To Raise $291 mln, Lifts Outlook

Nippon Electric Glass Co (5214.T: Quote, Profile, Research) on Monday lifted its annual profit forecast and said it would raise up to 31 billion yen ($291 million) in a share issue to ramp up output of glass used to make flat-panel displays.

The world's third-biggest maker of glass substrates for liquid crystal displays (LCDs) has been boosting production as it tries to catch up with the industry leader, Corning Inc (GLW.N: Quote, Profile, Research), and the second-largest maker, Asahi Glass Co (5201.T: Quote, Profile, Research).

The stock issue comes amid shaky investor sentiment. Japan's Nikkei average fell 4 percent on Monday to trade near 28-month lows, while Nippon Electric's own shares have lost one-quarter of their value in the past six months.

The issue will dilute existing Nippon Electric shares by about 4 percent.

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600450 Nippon Elec Glass To Raise $291 mln, Lifts Outlook

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