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Toshiba sells outstanding shares of LNG subsidiary to ENN

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LNG Industry,

Toshiba Corp. has announced that it has finalised a purchase and sale agreement for the transfer of all outstanding shares of Toshiba America LNG Corp. (TAL) to China’s ENN Ecological Holdings Co. Ltd.

TAL is Toshiba’s consolidated subsidiary and an operating company focused on the LNG business. Toshiba and ENN have agreed that, upon the completion of the share transfer, all contracts related to the sale of US LNG entered into by Toshiba Group, including contracts between Toshiba Group companies and trading agreements between Toshiba Group and customers, will either be transferred or cancelled.

Toshiba and ENN will reportedly aim to complete all of the required procedures, including receiving government approvals, and to finalise the transfer by 31 March next year.

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