April 17, 2019 / 7:27 AM / 3 months ago

Toshiba to resume sale process of U.S. LNG biz, aims to complete deal by March 2020

TOKYO, April 17 (Reuters) - Japan’s Toshiba Corp said on Wednesday it has decided to scrap a plan to sell its U.S. LNG business to China’s ENN Ecological Holdings and to resume a process to dispose of the business with an aim to complete the transfer by March 2020.

Toshiba also said it would no longer book the planned group loss of about 93 billion yen ($831 million) related to the deal in the financial year that ended on March 31, 2019.

Toshiba said last week that China’s ENN had scrapped an agreement to take over the LNG business due to a failure to get approvals from shareholders and a U.S. panel that monitors foreign investments. ($1 = 111.9600 yen) (Reporting by Yuka Obayashi; Editing by Shreejay Sinha)

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