Mubasher: Toshiba on Monday announced that the company is planning to sell new shares valued at $5.4 billion to foreign investors so as to meet the company’s needs and avoid delisting.
The Japanese company seeks to sell 2.28 billion shares valued at JPY 262.8 per share, which is less than Friday’s closing price.
Toshiba’s share ended Monday’s session declining 5.8% to JPY 275.
Tokoy-based Toshiba’s financial results showed a surge in losses to around JPY 100.1 billion in the third quarter of 2017, compared to JPY 35.5 billion in the same period last year.
The company’s board decided on Sunday to sell about 35% of its stake to more than 30 foreign investors including Third Point, Oasis Management and Cerberus Capital Management.
