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Toshiba sells 4.6% stake in Finland's Kone for US$946m

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Japan's Toshiba Corp said on Wednesday it had completed the sale of a 4.6 per cent stake in Finnish elevator maker Kone Oyj for about 864.7 million euros (S$1.29 million), just hours after it announced plans for the divestiture.

[TOKYO] Japan's Toshiba Corp said on Wednesday it had completed the sale of a 4.6 per cent stake in Finnish elevator maker Kone Oyj for about 864.7 million euros (S$1.29 million), just hours after it announced plans for the divestiture.

The Japanese computers-to-nuclear conglomerate said it expects to book a pre-tax profit of about 113 billion yen (S$1.24 billion) from the sale in the current business year to next March. It has not yet provided earnings guidance for this year.

Toshiba has been unable to close its books for the past business year due to revelations of accounting irregularities, which prompted the chief executives and a string of other senior officials to resign on Tuesday.

REUTERS