April 17, 2019 / 7:31 AM / 9 days ago

Toshiba to resume sale process of U.S. LNG business, aims to complete deal by March 2020

FILE PHOTO: The logo of Toshiba Corp is seen behind trees at its headquarters in Tokyo, Japan, November 6, 2015. REUTERS/Yuya Shino

TOKYO (Reuters) - Japan’s Toshiba Corp said on Wednesday it has decided to scrap a plan to sell its U.S. LNG business to China’s ENN Ecological Holdings and to resume a process to dispose of the business with an aim to complete the transfer by March 2020.

Toshiba also said it would no longer book the planned group loss of about 93 billion yen ($831 million) related to the deal in the financial year that ended on March 31, 2019.

Toshiba said last week that China’s ENN had scrapped an agreement to take over the LNG business due to a failure to get approvals from shareholders and a U.S. panel that monitors foreign investments.

Reporting by Yuka Obayashi; Editing by Shreejay Sinha

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