Toshiba to sell $134 mln worth of shares in molding machine affiliate (updated)

Shibaura Machine

02/03/2017 09:04

* Toshiba owns a fifth of Toshiba Machine 
    * Deal to take place before Tokyo market opens on Friday 
 
 (Adds detail of share sale, comment) 
    TOKYO, March 2 (Reuters) - Toshiba Corp  6502.T  said it 
will sell almost all its stake in affiliate Toshiba Machine Co 
 6104.T  for $134 million as it scrambles for cash to stave off 
a financial collapse. 
    Toshiba Machine, which is a fifth owned by Toshiba, said on 
Thursday it will conduct a buyback of 22.37 percent of its 
traded shares worth as much as 17.2 billion yen ($150.57 
million) from its parent and other investors. 
    The transaction will take place before the Tokyo stock 
market opens on Friday, at Thursday's closing price of 506 yen 
per share, the maker of molding machines and other manufacturing 
equipment said in a press release. 
    While Toshiba is offering a majority stake in its prized 
NAND flash memory business as it scrambles to fill a balance 
sheet hole left by a $6.3 billion writedown of its U.S. nuclear 
operations, it also needs to squeeze funds from other smaller 
units within its sprawling conglomerate.  urn:newsml:reuters.com:*:nL4N1G608J 
    The sale of the shares on Friday will yield a 5.5 billion 
yen pretax profit, a spokesman for Toshiba said. 
    The maker of washing machines, reactors, TVs and escalators 
last week announced plans to sell a coal-fired power plant in 
Japan for 22 billion yen.  
    Last month it said it had sold a 1.78 percent stake in Japan 
Display  6740.T , a company created in 2012 by combining the 
ailing display-making units of Sony Corp  6758.T , Toshiba Corp 
and Hitachi Ltd  6501.T . Toshiba did not disclose how much it 
made from the sale.      
($1 = 114.2300 yen) 
 
 (Reporting by Makiko Yamazaki; Editing by Christian 
Schmollinger and Muralikumar Anantharaman) 
 ((Makiko.Yamazaki@thomsonreuters.com; 81-3-6441-1039;)) 
 
Keywords: TOSHIBA ACCOUNTING/