TOKYO: Japan's Showa Denko KK is set to sell its aluminum business to US investment fund Apollo Global Management for more than 50 billion yen ($480.31 million), the Nikkei business daily reported on Thursday.

Specifically, the Japanese materials maker plans to sell its aluminum rolled products business for electronic components as well as the aluminum can business, as it steps up efforts to divest non-core assets, Nikkei said.

The transaction is due to close by June, it said, without citing sources.