Nokia May Sell HQ To Boost Cash Position

Ailing Nokia Oyj (NYSE: NOK) said it’s exploring the sale of its headquarters complex in Espoo, Finland, in a bid to raise as much as €300 million (US $387.4 million).

“We have ample cash to do what we need,” the mobile phone maker said in a statement, adding, “but to cut costs and conserve cash, we are looking at all possible options with no stones being left unturned.”

Nokia said it would try to sell the property, then lease it back, similar to what many companies have done. Packages have been sent to interested parties, the company said.

Nokia, which hasn’t reported a quarterly profit since 2010, reported a second-quarter loss of €826 million, 70 percent above the prior year, as its cash position fell 14 percent to €4.2 billion.

The company's overall share of the mobile market fell to about 20 percent from 23 percent in the second quarter a year earlier, estimates IDC.

Nokia’s U.S. shares fell 3 cents to $2.59 in late Wednesday trading.