Sony to invest $790m in scandal-hit Olympus
TOKYO (AFP) - Electronics giant Sony will invest 50 billion yen (S$790 million) in scandal-tainted Olympus, the firms said on Friday, as they both look to turn the page on disastrous chapters.
The investment will make cash-bleeding Sony the single biggest shareholder in Olympus, with slightly more than 11 per cent of its outstanding stock.
The companies will also establish a joint venture to develop endoscopes, with the focus on a type used in keyhole surgery, the statements said.
"At Sony we are aggressively pursuing the growth of our medical business, with the aim of developing it into a key pillar of our overall business portfolio," said Sony president Kazuo Hirai in a statement.