TOKYO -- Japanese information technology provider NEC plans to sell a portion of its stake in semiconductor manufacturer Renesas Electronics and invest the proceeds in growth fields such as facial recognition technology.
The sale is expected to bring in more than 5 billion yen ($45.2 million) for NEC and lift net profit by about 3 billion yen after taxes. NEC has forecast a 10% rise in group net profit to 30 billion yen for the current fiscal year ending March 2018, but its guidance does not take into account the Renesas divestment, which could add about 10% to its bottom line.
