Tokyo - Looking to improve its financial position, NEC Corp said it would sell 10.9 million of the 13.9 million shares it holds in Thomson Multimedia SA (TMM).
The cell phone, microchip and plasma panel maker said it would reduce its stake in the France-based Thomson to 1.07 percent from 4.96 percent. The value of the shares being sold was estimated at about $278 million, at the time of the announcement on Wednesday.
Earlier in the year, NEC said it had called off plans to form a joint venture with Thomson Multimedia to develop and manufacture flat-panel plasma display panels.
NEC said the sale of the shares would not affect its relationship with Thomson Multimedia.