Toshiba to sell less than 20 percent of chip unit, but may opt for IPO later

TOKYO (Reuters) - Toshiba Corp 6502.T is currently looking to sell less than 20 percent of its memory chip business as it looks to raise capital to offset an upcoming multi-billion dollar charge, but may eventually list it, executives said on Friday.

Toshiba Chief Executive Officer Satoshi Tsunakawa said he will do all he can to ensure the company doesn’t fall into negative net worth as a result of a writedown on its U.S. nuclear unit.

The conglomerate will review its overseas nuclear business, Tsunakawa said, but added it has no plans to sell its infrastructure business.

Toshiba’s board on Friday approved plans to make its core memory chip business a separate company and seek outside investment in it.

Reporting by Makiko Yamazaki; Editing by Edwina Gibbs