Stock

Toshiba wins again the highest tier of the Tokyo Inventory Trade and requires higher governance

2/2
© Reuters. FILE PHOTO: Reporters raise their hands for a question during a Toshiba press conference at corporate headquarters in Tokyo

2/2

TOKYO (Reuters) – The Tokyo Stock Exchange approved Toshiba (OTC 🙂 Corp's return to the first section of the exchange on Friday after some shareholders called for better governance in the Japanese industrial conglomerate.

Toshiba, which filed a return request last April, will return to the first section on January 29th. The company said the return could help attract buyers in stock indices.

The Japanese company descended into the second stage in 2017 after massive write-downs in its U.S. nuclear business caused liabilities to exceed assets – a condition for an automatic downgrade.

The TSE's decision comes when two major shareholders – Effissimo Capital Management, based in Singapore and Farallon Capital Management, US hedge fund – demand an extraordinary general meeting for governance issues.

Effissimo Capital called for an investigation at Toshiba's general meeting last July, in which the company said the voting rights of several shareholders were affected.

Farallon Capital is asking the company to seek shareholder approval for a change in investment strategy.

Disclaimer: Fusion Media would like to remind you that the information contained on this website is not necessarily real-time or accurate. All CFDs (stocks, indices, futures) and Forex prices are not provided by exchanges, but by market makers. As a result, prices may not be accurate and may differ from the actual market price. This means that the prices are indicative and not suitable for trading purposes. Therefore, Fusion Media is not responsible for any trading loss you may incur as a result of using this information.

Fusion Media or anyone involved with Fusion Media assumes no liability for any loss or damage caused by reliance on the information contained on this website, such as data, offers, charts and buy / sell signals. Please be fully informed about the risks and costs associated with trading in the financial markets. This is one of the riskiest forms of investment possible.

Related Articles