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Toshiba to offload memory chip unit to buffer market volatility

Sale of Kioxia shares set for after unit's October IPO

Toshiba is focusing its operations on the stable infrastructure business.   © Reuters

TOKYO -- Japanese technology group Toshiba will gradually unwind its stake in memory chip unit Kioxia Holdings, Nikkei learned Friday, in a bid to distance group earnings from the volatile semiconductor industry.

Kioxia, the spinoff formerly named Toshiba Memory, plans to list on the Tokyo Stock Exchange by October. Toshiba will sell its 40.2% holding after the float.

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