NEC to sell shares worth $1.5billion
Japanese electronics giant NEC Corp has announced it is to sell up to 133.9billion yen ($1.5bn) of shares.
The plans were announced in a bid to cut costs and focus on technologies such as cloud computing and lithium-ion batteries.
Last week NEC cut its full year operating profit outlook by 40%, citing losses at semiconductor unit NEC Electronics and low sales of network systems. The company's merger with Renesas Technology means that it faces high restructuring costs with the need to cut 290bn yen in fixed costs in the year to March.
