Toshiba mulls more asset sales, including listed unit

TOKYO — Scandal-hit Toshiba may unload stakes in a listed subsidiary that sells point-of-sale systems, as well as in a wholly owned provider of diagnostic imaging systems, according to an official at a financial institution.

     The Japanese electronics company intends to ramp up sales of assets to raise money needed for restructuring its appliance and television businesses and other steps to get back on its feet.

     The listed unit, Toshiba Tec, is projected to post a net loss of 79 billion yen ($648 million) on sales of 530 billion yen for the current year through March 2016. Toshiba held a 52.9% interest in terms of voting rights at the end of last fiscal year.

     Toshiba Tec acquired some operations from IBM in 2012, but its earnings have remained weak. Toshiba booked a 69.6 billion yen loss for the April-September period of this year by writing down the value of Toshiba Tec assets. A lack of strong synergies with its main businesses apparently motivated Toshiba to think about unloading the subsidiary.

     For the wholly owned unit, Toshiba Medical Systems, a plan on the table calls for selling a portion of the parent’s holdings to an investment fund.

     Toshiba has already decided to sell shareholdings in Finnish elevator builder Kone and Japanese surveying equipment manufacturer Topcon.

(Nikkei)