July 21, 2017 / 5:32 AM / 2 years ago

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

TOKYO (Reuters) - Toshiba Corp on Friday said it would book a net profit of 40 billion yen ($357.3 million) from the sale of its 60 percent stake in Swiss smart meter maker Landis+Gyr in the year ending March, 2018.

Landis+Gyr shares 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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