Japan's electronics maker Sharp Corp is selling its 9.2 percent stake in Pioneer Corp, according to Japanese newspaper Nikkei.

Sharp owns 30 million shares in Pioneer worth $63.80 million, making it the largest shareholder in the car electronics maker company. Pioneer, on the other hand, owns 10 million shares or 0.8 percent stake in Sharp.

In 2007, the two companies forged a capital and business partnership for the joint development of a range of products such as optical discs and automotive equipment. The two companies plan to continue their partnership on a smaller scale.

The newspaper report said Sharp Corp has narrowed down potential buyers including car and medical device manufacturers and expects to conclude the sale as early as this month.