Industry & Trade
Toshiba may sell 40% Stake of Egypt-based TV Manufacturing Facilities – Report
Published 2015-03-31 10:42:44| Amwal Al Ghad English
Japan's Toshiba Corp is reportedly in talks to sell off 40% of its 51% stake in TV manufacturing facilities in Egypt to local home electronics company El Araby, Egypt deal is expected to bring in Toshiba several hundred million Japanese Yen, according to a report from Japan-based SankeiBiz published by DIGITIMES. Toshiba wants to outsource its own branded TV orders to makers such as Compal and Wistron, the report said, adding that Toshiba is also likely to sell off facilities in Indonesia in a bid that would help the company almost entirely exit from the TV manufacturing business. The deal with El Araby could be finalized as early as mid-April while Indonesia-related matters are still under discussion. The report added that Foxconn, Wistron or Compal may be likely candidates for the facilities. Toshiba, Compal and Wistron are declined to comment on the report. Toshiba's Egypt-based facilities were established jointly with El Araby back in 2011, with El Araby accounting for a 49% stake and Toshiba 51%, and have been aimed at TV sales in Africa and the Middle East.
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