NEC to sell $851 mln of Nippon Elec Glass shares

TOKYO, Feb 3 (BestGrowthStock) – Japanese electronics conglomerate
NEC Corp (6701.T: ) said on Wednesday it would cut its stake in
Nippon Electric Glass Co (5214.T: ) by selling about $851 million
worth of shares in the glass maker.

NEC said in a statement it would sell 64.8 million shares in
Nippon Electric, which makes glass used in the production of LCD
televisions, in an off-exchange transaction via Daiwa Securities
Capital Markets.

NEC said it would post a 20 billion yen ($221 million)
one-off gain from the sale for the year ending March 2010, but
would not alter its profit forecasts.

NEC did not disclose the estimated value of the sale. Based
on Nippon Electric’s closing price of 1,190 yen on Wednesday, it
would be worth 77 billion yen ($851 million)

The sale will lower NEC’s stake in Nippon Electric Glass to
11.3 percent.

Prior to the announcement NEC shares closed unchanged at 241

Daiwa Securities Capital Markets plans to sell the shares
mainly to institutional investors, NEC said.
($1=90.51 Yen)

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(Reporting by Junko Fujita; Editing by Michael Watson)

NEC to sell $851 mln of Nippon Elec Glass shares