Salem Radio Network News Monday, February 26, 2024

Science

Japan fund INCJ sells $1.8 billion of Renesas shares

TOKYO (Reuters) – Japanese state-backed fund INCJ said it has sold its entire stake in semiconductor manufacturer Renesas Electronics, offloading 279 billion yen ($1.84 billion) worth of shares.

INCJ had previously held 6.65% of Renesas’ shares, it said in a statement on Thursday.

The sale price of 2,143 yen ($14.17) per share represented a discount of 8.01% on Renesas’ closing share price of 2,329.5 yen on Thursday, the fund said in a separate statement on Friday.

Renesas’ shares had dropped 4.5% to 2,224 yen by mid-morning on Friday.

($1 = 151.2700 yen)

(Reporting by Anton Bridge; Editing by Christopher Cushing and Muralikumar Anantharaman)

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