Toshiba Tec Rallies on Reported Stake Sale

Toshiba Tec Corp. shares advanced more than 6% in early Asian trading, lifted by a report that Toshiba Corp., its owner company, is mulling to sell shares in the firm. Toshiba Tec shares were last seen trading at 645 yen, rising 5.2% from its finish on Friday.

Toshiba Corp. denounced a Nikkei business daily report that it was eyeing to share shares in the cash register systems maker, as it looks to raise cash for an upcoming $6.3 billion massive writedown for its U.S. nuclear business unit.

The Japanese conglomerate reportedly chose an advisory company to help seek out a buyer for Toshiba tec, Nikkei said. According to the paper, the seen sale of 50.02% stake in the company would be valued around 100 billion yen or $870 million.

Toshiba is currently laying the groundwork for the sale of a majority or the entirety of its stake in its memory chips business, which is currently valued by the company at $13 billion. Earlier this March, the company has also sold all of its shares in its subsidiary Toshiba Machine Co. for $134 million to raise money.

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