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Toshiba sells $58.5 million in shares of Mitsubishi UFJ: source
August 23, 2017 / 10:58 AM / 3 months ago

Toshiba sells $58.5 million in shares of Mitsubishi UFJ: source

TOKYO (Reuters) - Japan’s Toshiba Corp sold $58.5 million worth of shares in Mitsubishi UFJ Financial Group on Wednesday, a source told Reuters, as the conglomerate struggles with losses from its bankrupt U.S. nuclear business.

Toshiba's logo is seen at an industrial area in Kawasaki, Japan, January 16, 2017. Picture taken on January 16, 2017. REUTERS/Kim Kyung-Hoon/Files

Toshiba sold 9.9 million shares in banking group Mitsubishi UFJ for 6.4 billion yen ($58.53 million), said the source, who declined to be named due to the sensitivity of the matter.

Toshiba does not disclose information on individual stock trades, a company spokesman told Reuters.

Toshiba is trying to sell its flash memory unit for about $18 billion to cover losses from the bankruptcy, but talks have stalled due to a legal dispute with one of its business partners.

($1 = 109.3400 yen)

Reporting by Taro Fuse; Writing by Stanley White; Editing by Muralikumar Anantharaman

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