Toshiba sets March for initial vote on break-up plan

News Image

By MG News | February 14, 2022 at 11:48 AM GMT+05:00

0:00

February 14, 2022: Japan's Toshiba Corp said on Monday it plans to hold an extraordinary general meeting of shareholders on March 24 where it will seek initial approval to hive off its devices business.

The final vote to determine whether to break up the 146-year-old conglomerate won't happen until next year but the meeting will be an important gauge of shareholder support for the board's restructuring plan, which has been criticised by some foreign hedge funds that own stakes in Toshiba.

One of the hedge funds, Singapore-based 3D Investment Partners, has submitted a separate proposal for the meeting, calling on Toshiba to explore other options and solicit buy-out offers from private equity firms and potential strategic buyers.

Toshiba proposed this month to split off the business that includes its power chips and hard disk drive units, rejigging an earlier plan to break into three companies - one for devices, one for its energy and infrastructure businesses and another to house its Kioxia flash memory chip assets.

A deal to take Toshiba private is seen as a potentially greater windfall for shareholders, including the foreign activists that now own nearly 30% of the company.

On Monday, Toshiba posted an operating profit of 42.7 billion yen ($369.85 million) for the October-December quarter, up from 20.9 billion yen a year earlier.

Reuters 

Related News

Name Price/Vol %Chg/NChg
KSE100 132,576.99
161.03M
-0.62%
-826.20
ALLSHR 82,983.68
903.36M
-0.25%
-204.38
KSE30 40,358.80
56.86M
-0.72%
-292.66
KMI30 190,727.32
67.92M
-0.71%
-1356.60
KMIALLSHR 55,698.48
457.08M
-0.27%
-149.22
BKTi 36,242.06
11.15M
-0.50%
-180.82
OGTi 28,323.42
10.71M
-0.40%
-114.19
Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 111,315.00 112,590.00
108,625.00
2100.00
1.92%
BRENT CRUDE 70.19 70.71
69.61
0.04
0.06%
RICHARDS BAY COAL MONTHLY 97.50 0.00
0.00
1.45
1.51%
ROTTERDAM COAL MONTHLY 108.00 109.00
107.95
0.90
0.84%
USD RBD PALM OLEIN 998.50 998.50
998.50
0.00
0.00%
CRUDE OIL - WTI 68.29 68.94
67.70
-0.04
-0.06%
SUGAR #11 WORLD 16.54 16.61
16.08
0.41
2.54%

Chart of the Day


Latest News
July 09, 2025 at 11:58 PM GMT+05:00

Auction Result: Govt raises Rs1.5tr through T-bills


July 09, 2025 at 05:27 PM GMT+05:00

Gold price in Pakistan falls Rs3,000 per tola


July 09, 2025 at 05:26 PM GMT+05:00

UBL crowned top performing Primary Dealer in FY25


July 09, 2025 at 05:11 PM GMT+05:00

SECP approves name change for Secure Logistics



Top 5 things to watch in this week

Pakistan Stock Movers
Name Last Chg/%Chg
Name Last Chg/%Chg