Toshiba Tec shares rise more than 6% on sale report

Pedestrians walk past a logo of Toshiba Corp outside an electronics retailer in Tokyo September 14, 2015. REUTERS/Toru Hanai/Files

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 ToshibaTec, 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.

Also read:

Foxconn not favoured bidder for Toshiba’s chip unit due to China link

Japan to vet bidders in Toshiba chip sale for national security risks

Reuters

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.