Japan's electronics giant Sharp Corp. became the first electronics manufacturer to be under foreign ownership after shareholders of the company gave a green light at a meeting in Osaka on Thursday to be taken over by Taiwan's Hon Hai Precision Industry Corp.

The Taiwanese firm, popularly known as Foxconn, is poised to acquire 66 percent of the Japanese company for about $3.8 billion within the month.

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During the shareholders' meeting, Sharp President Kozo Takahashi apologized for the massive loss incurred by the company over the second-straight year in the year ended in March.

"I want to apologize for failing to live up to shareholders' expectations," he said.

He further explained that the "strategic alliance" with the Taiwanese firm "will accelerate our efforts for revitalization and growth."

After the acquisition process has been completed, Takahashi will step down from his position and will be replaced by Hon Hai's vice chairman Dai Zhengwu.

Furthermore, Foxconn will also nominate six executive board members for the company, which will reportedly include those who have previously worked with the manufacturer's rivals including Sony Corp. and Panasonic Corp, Japan Times reported.

Sharp's headquarters will also be transferred from Osaka to Sakai, Osaka Prefecture.

Meanwhile, according to Japan News, some shareholders have criticized Sharp's management, saying that because of congenital liabilities, the amount of investment from Hon Hai was reduced from initial plans, and this could be a potential loss in the future. 

TagsSharp Corp., Hon Hai Precision Industry Corp, Foxxconn, Kozo Takahashi, Dai Zhengwu