Toshiba sells $58.5 million in shares of Mitsubishi UFJ

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AUGUST 24, 2017 – 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 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.

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