UPDATE 1-Toshiba, Amkor, Nakaya to set up system chip JV

* Nakaya, 15% owned by Carlyle, to take majority stake in JV

* Toshiba to outsource system chip assembly to JV

* Toshiba shares close down 6.3 pct vs Nikkei's 2.7 pct fall

TOKYO, April 28 (Reuters) - Japan's Toshiba Corp (6502.T), shackled by its loss-making chip operations, plans to set up a chip venture in Japan with Amkor Technology (AMKR.O) of the U.S. and supplier Nakaya Microdevices in a bid to cut costs.

Toshiba, the world's No.2 NAND flash memory maker, is under pressure from weak chip prices, and media have reported that it would raise $5 billion through new share and subordinated bond issues. [ID:nT337108]

The electronics group said on Tuesday it would unload wafer testing equipment to the venture, which would then assemble its system chips.

Nakaya Microdevices, 15 percent-owned by private equity firm Carlyle Group [CYL.UL], plans to take a majority stake in the firm, which will be set up in October, the three said in a release.

Amkor, a microchip packaging and testing company that Toshiba has formed a joint venture with in the past, will help procure parts and provide manufacturing technology, they said.

Further details about ownership, the sales outlook and potential cost cuts for Toshiba have yet to be discussed or calculated, Toshiba and Nakaya spokeswomen said.

Prior to the announcement, shares of Toshiba closed down 6.3 percent at 325 yen, against a 2.7 percent fall in the Nikkei average .N225. (Reporting by Mayumi Negishi and Sachi Izumi)