TOKYO (Reuters) – Japanese state-backed fund INCJ mentioned it has bought all however a token portion of its stake in semiconductor producer Renesas Electronics, offloading 279 billion yen ($1.84 billion) price of shares.
INCJ had beforehand held 6.65% of Renesas’ shares, it mentioned in an announcement on Thursday.
The sale value of two,143 yen ($14.17) per share represented a reduction of 8.01% on Renesas’ closing share value of two,329.5 yen on Thursday, the fund mentioned in a separate assertion on Friday.
Renesas’ shares had dropped 4.5% to 2,224 yen by mid-morning on Friday.
(This story has been corrected to make clear that INCJ bought all however a token portion of its shares, not its complete stake, in paragraph 1)