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Toshiba Tec shares rise more than 6 percent on sale report

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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.

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Art PostArt PostAdmin VIP

By Christine Chou -- Japanese consumer electronics giant Toshiba on Monday denied reports saying it had been considering selling shares in subsidiary Toshiba Tec, a cash register systems maker. A Nikkei report previously claimed the near-bankrupt electronics firm was seeking to sell part of Toshiba Tec in order to plug an upcoming US$6.3 billion write down for its U.S. nuclear unit.

According to the report, Toshiba has selected an advisory firm to help find a buyer soon for the point-of-sale systems unit, offering a 50.02 percent stake for the sale price of around 100 billion yen.

Toshiba Tec holds a 50 percent share of the Japanese market for POS registers. Sales for the fiscal year ending March 31 are expected to reach 490 billion yen (US$4.27 billion), with net profit at 5 billion yen.  read the rest here

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