Japan’s third-largest steelmaker Kobe Steel has sold 75 percent in its real estate unit for $678 million.
Under the agreement, Kobe Steel will sell its 70 percent stake in Shinko Real Estate to Tokyo Century Corp. and 5 percent to Nippon Tochi-Tatemono Co Ltd.
The deal is subject to approvals from local authorities and the target completion date is July 1.
Last year, Kobe Steel, which supplies steel and aluminum parts to manufacturers of cars, planes and trains around the world, admitted to supplying products with falsified specifications to more than 600 customers and that the data fraud has been going on for nearly five decades. Hiroya Kawasaki recently announced his resignation as CEO and chairman on April 1.
