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Toshiba shares rise on planned ¥700B share buyback

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Toshiba shares rise on planned ¥700B share buyback

Toshiba Corp.'s shares rose June 13 after the company announced a planned repurchase of about ¥700 billion in stock, in line with a pledge to return cash to investors following the sale of the Japanese company's memory chip business.

Toshiba had said it would consider shareholder returns once it closes the sale of Toshiba Memory Corp. to a Bain Capital Private Equity LP-led consortium. The company did not announce a timeline for the share buyback, although it planned to implement it "at the earliest possible date."

The company said it will also continue to consider its dividend policy.

Shares were up 6.65% at ¥337.00 at market close in Japan.

As of June 12, US$1 was equivalent to ¥110.21.