Toshiba plans to sell down Kioxia stake, return much of proceeds to shareholders
Share:
TOKYO (Reuters) - Japan's Toshiba Corp said on Monday it planned to sell down its 40.2% stake in flash memory chips firm Kioxia Holdings and will return a majority of the net proceeds to shareholders.Shares in Toshiba jumped on the news and were up 5% in Monday afternoon trade.It did not disclose details of the planned sale in its statement but sources familiar with the matter said on Saturday it wants to gradually unwind the stake, a process that would begin when the world's second-largest..