Toshiba’s top shareholder says undecided whether to support breakup

- Advertisement -


TOKYO, Nov 13 (Businesshala) – Efisimo Capital Management, Toshiba Corp’s biggest investor, said on Saturday it had not decided whether to back the plan by the Japanese industrial conglomerate to split into three companies.

- Advertisement -

Toshiba outlined plans to split into three companies here on Friday, calling for a radical change after the Japanese conglomerate’s years of scandals in an effort to please active shareholders.

- Advertisement -

Singapore-based Efisimo, which owns a 9.9% stake in Toshiba, issued a statement after a Japanese broadcaster, citing a source related to Effisimo, said the fund would not support the plans.

The fund will decide its stance at Toshiba’s extraordinary shareholders meeting next year “after honest consideration based on an analysis of the disclosed information as well as its affiliation with the company,” the statement said.

- Advertisement -

Toshiba declined to comment on Efisimo’s statement. In an emailed statement, it said, “We look forward to hearing honest opinions from shareholders after a thorough explanation to seek their understanding of the plans.”

Reporting by Makiko Yamazaki; Editing by Mike Harrison

,

- Advertisement -

Stay on top - Get the daily news in your inbox

DMCA / Correction Notice

Recent Articles

Related Stories

Stay on top - Get the daily news in your inbox