NEC said in a statement it would sell 64.8 million shares in Nippon Electric, which makes glass used in the production of LCD televisions, in an off-exchange transaction via Daiwa Securities Capital Markets.

 

NEC said it would post a 20 billion yen ($221 million) one-off gain from the sale for the year ending March 2010, but would not alter its profit forecasts.

 

NEC did not disclose the estimated value of the sale. Based on Nippon Electric's closing price of 1,190 yen on Wednesday, it would be worth 77 billion yen ($851 million)