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Toshiba closes ¥600B share sale to dodge delisting

Toshiba Corp. completed its ¥600 billion share sale to 60 foreign investment funds in a bid to prevent delisting from the Tokyo Stock Exchange, according to an official press release.

The deal will help Toshiba avoid reporting a negative net worth for a second consecutive year, which would have led to an automatic delisting, even if it fails to close the sale of its chip business Toshiba Memory Corp. by March 2018, The Japan Times reported.

With the success of the financing round, the Japanese conglomerate said that as "the new Toshiba," it will now focus on four business domains: social infrastructure, which will become its core business, alongside energy, electronic devices and digital solutions.

In November, the Japanese company said it would sell its bankrupt U.S.-based nuclear business Westinghouse Electric Co. LLC, which upon sale completion would allow it to focus internal resources on new businesses and reduce resources previously allocated for Westinghouse's rehabilitation proceedings.

As of Dec. 6, US$1 was equivalent to ¥112.25.