Toshiba shares slip as it gears up for chip unit sale

Toshiba has been on the Tokyo stock exchange's supervision list since mid-March as it has failed to clear up concerns about its internal controls after a 2015 accounting scandal. — Reuters

TOKYO: Shares of Toshiba Corp skidded on Thursday, as the company aims to seal a deal worth some US$18 billion by next week for the sale of its chip business needed to cover massive losses.

Toshiba shares were down 1.6 percent in early trading at 318 yen after dropping as low as 313.2 yen earlier.

Toshiba has chosen a consortium of Bain Capital and Japanese government investors as the preferred bidder.

The Nikkei reported that the consortium would propose to have Innovation Network Corp of Japan buy 50.1 percent of Toshiba memory's common stock. - Reuters