Toshiba intends to sell off its 40.2% holding in its former memory unit now called Kioxia, reports the Nikkei.

In October the unit is to be floated on the Tokyo Stock Exchange and Toshiba will start selling its  Toshiba to sell off its stake in Kioxiastake after that.

Half the proceeds of the sale will go to Toshiba’s shareholders.

The unit was sold for $18.7 billion in  2018  to a consortium led by  Bain including Apple, Hynix, Dell, and Seagate.

Toshiba then bought its 40.2% stake for $3.27 billion.

Toshiba is still loss-making. 

Last week Toshiba chairman Yoshimitsu Kobayashi resigned and will be replaced by Osamu Nagayama who is honorary chairman at Chugai Pharmaceutical.