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Toshiba to book 40 billion yen net profit from sale of Landis+Gyr shares
July 21, 2017 / 5:37 AM / 2 months ago

Toshiba to book 40 billion yen net profit from sale of Landis+Gyr shares

FILE PHOTO: The logo of Toshiba Corp is seen as window cleaners work on the company's headquarters in Tokyo, Japan, February 14, 2017. REUTERS/Toru Hanai/File Photo

TOKYO (Reuters) - Toshiba Corp (6502.T) on Friday said it would book a net profit of 40 billion yen (275.74 million pounds) from the sale of its 60 percent stake in Swiss smart meter maker Landis+Gyr in the year ending March, 2018.

Landis+Gyr shares (LANDI.S) will be listed on the SIX Swiss Exchange on Friday. The IPO was triggered after Toshiba signaled earlier this month it wanted to sell its stake in Landis+Gyr to raise cash.

The state-backed Innovation Network Corporation of Japan will also sell its 40 percent stake in Landis+Gyr, Toshiba said.

Reporting by Makiko Yamazaki; Editing by Himani Sarkar

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