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  HOME | Business & Economy (Click here for more)

Toshiba Announces Share Buyback Worth $6.3 Billion

TOKYO – The Japanese conglomerate Toshiba announced on Wednesday that it will carry out a share buyback worth approximately 700 billion yen ($6.3 billion) to distribute the profits made from the sale of its memory chip business.

The announcement boosted the value of Toshiba shares on the Tokyo Stock Exchange where it closed up 6.64 percent.

“The funding represents part of the profit on the sale of Toshiba Memory,” the company said in a statement, adding that it will execute the buyback as soon as possible and “will also evaluate further measures to deliver shareholders returns.”

Toshiba said taking into account the current volumes of its transactions and other factors, the operation may not be executed in a single fiscal year “to avoid an inappropriate temporary impact on the supply and demand on its shares while executing the buyback.”

The operation will be one of the largest share buyback operations since 2000, according to the Daiwa Institute of Research.

Toshiba said it “would consider shareholder returns following the close of the Toshiba Memory transaction” since it no longer owns the memory chip and nuclear plant construction businesses abroad.

On June 1 the company finalized the sale of its memory chip business to a consortium led by US fund Bain Capital for 2 trillion yen, a transaction aimed at recovering losses incurred from the bankruptcy of its nuclear operations in the United States.

It took months for the sale to finalize due to several obstacles, including opposition from its partner in the chip manufacturing business, the US company Western Digital, and delayed approval from competition regulators.

 

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