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UPDATE 1-Toshiba Tec shares rise more than 6 pct on sale report
March 13, 2017 / 12:37 AM / 9 months ago

UPDATE 1-Toshiba Tec shares rise more than 6 pct on sale report

(Recasts with Toshiba Tec share price)

TOKYO, March 13 (Reuters) - Shares in Toshiba Tec Corp rose more than 6 percent in early Monday trading after a report that Toshiba Corp, the parent, is considering selling shares in the company.

Toshiba Corp denied a Nikkei business daily report that it was looking to sell shares in Toshiba Tec, a maker of cash register systems, as it seeks to plug an upcoming $6.3 billion writedown for its U.S. nuclear unit.

Toshiba has selected an advisory firm to help find a buyer soon for Toshiba Tec, the paper said. The sale price for the entire 50.02 percent stake in Toshiba Tec would likely be around 100 billion yen ($870 million), the Nikkei said.

Toshiba Tec shares were trading at 645 yen, up 5.2 percent from Friday’s close, as of 2420 GMT.

Toshiba is in the middle of the process of selling a majority or all of its stake in the flagship memory chips unit, the world’s second-biggest NAND chip producer, which it vales at at least $13 billion.

Earlier this month Toshiba sold almost all of its stake in affiliate Toshiba Machine Co for $134 million to raise cash.

$1 = 114.6800 yen Reporting by Chang-Ran Kim and Junko Fujita; Editing by Stephen Coates

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