Inactive Instrument

Toshiba

Equities

6502

JP3592200004

Toshiba : to sell less than 20 percent of chip unit, but may opt for IPO later

January 27, 2017 at 04:03 am EST

TOKYO (Reuters) - Toshiba Corp is currently looking to sell less than 20 percent of its memory chip business as it looks to raise capital to offset an upcoming multi-billion dollar charge, but may eventually list it, executives said on Friday.

Toshiba Chief Executive Officer Satoshi Tsunakawa said he will do all he can to ensure the company doesn't fall into negative net worth as a result of a writedown on its U.S. nuclear unit.

The conglomerate will review its overseas nuclear business, Tsunakawa said, but added it has no plans to sell its infrastructure business.

Toshiba's board on Friday approved plans to make its core memory chip business a separate company and seek outside investment in it.

(Reporting by Makiko Yamazaki; Editing by Edwina Gibbs)

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Company Profile

Toshiba Corp is a Japan-based company mainly engaged in energy system solutions business and other businesses. The Company operates in six business segments. The Energy System Solutions segment provides thermal power generation systems, nuclear power generation systems and hydroelectric power generation systems. The Infrastructure System Solutions segment provides water and sewage systems, broadcasting systems, radio equipment, environmental systems, road systems, transportation equipment, and battery systems. The Retail & Printing Solutions segment provides point-of-sale (POS) systems, multifunction devices. The Storage & Device Solutions segment provides power devices, small signal devices, optical semiconductors, mixed signal integrated circuits (ICs), hard disk drives (HDDs), semiconductor manufacturing equipment. The Industrial ICT Solutions segment provides information technology (IT) solution services. The Others segment provides logistics services.

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