trending Market Intelligence /marketintelligence/en/news-insights/trending/0LBBNSPX-gp1OEzT6XSXBw2 content esgSubNav
In This List

Toshiba closes ¥600B share sale to dodge delisting

Video

According to Market Intelligence, December 2022

Podcast

Private Markets 360° | Episode 1: The role of ESG in Private Equity

Blog

Insight Weekly: Layoffs swell; energy efficiency PE deals defy downturn; 2023 global risk themes

Blog

Investment Research Coverage of Inflation and Recession-Focused Topics on the Rise


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.