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The
sale is part of broad agreement in which Toshiba will use the
Chinese electronics maker and retailer's local distribution
network to sell refrigerators, washing machines and vacuum
cleaners while winding down two China sales units.
Shares in Skyworth Digital jumped 7.5 percent by mid-afternoon,
while the benchmark Hang Seng index was down 0.7 percent.
Toshiba's shares ended down 2.4 percent, in line with the
broader Tokyo market.
Toshiba added that it hoped to tap Skyworth's expertise in
low-cost operations to better compete in the Japanese market.
Terms of the equity stake sales in the two China units were not
disclosed.
Following revelations that the Japanese laptops-to-nuclear power
conglomerate had overstated income going back to fiscal 2008/09,
Chief Executive Masashi Muromachi said this month he was
considering a drastic overhaul of the company's weaker
operations.
(Reporting by Chang-Ran Kim; Editing by Edwina Gibbs)
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