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NEC said that it has resolved to sell a part of its holdings in its affiliate, Elpida Memory.

NEC said it will cut its stake in chipmaker Elpida Memory to 13.89 pct from 23.84 pct for an undisclosed amount.

As a result of this sale in holdings, Elpida Memory will no longer be an affiliated company of NEC as accounted for by the equity method.

NEC expects to complete the sale before the end of September

There will be no change in NEC's business relationship with Elpida Memory in all areas including product procurement.