Toshiba Tec shares rise more than 6 pct on sale report (updated)

Shibaura Machine

13/03/2017 24:34

(Recasts with Toshiba Tec share price) 
    TOKYO, March 13 (Reuters) - Shares in Toshiba Tec Corp 
 6588.T  rose more than 6 percent in early Monday trading after 
a report that Toshiba Corp  6502.T , 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  6104.T  for $134 million to raise 
cash.  urn:newsml:reuters.com:*:nL3N1GF2V3 
     
($1 = 114.6800 yen) 
 
 
 (Reporting by Chang-Ran Kim and Junko Fujita; Editing by 
Stephen Coates) 
 ((ran.kim@thomsonreuters.com; +81-3-6441-1804; Reuters 
Messaging: ran.kim.reuters.com@reuters.net)) 
 
Keywords: TOSHIBA ACCOUNTING/TOSHIBA TEC