Toshiba Shareholders OK Stock Delisting (Update 1)

The Yomiuri Shimbun
Shareholders of Toshiba Corp. enter the venue of its extraordinary general meeting in Shinjuku Ward, Tokyo, on Wednesday.

TOKYO (Jiji Press) — Toshiba Corp. shareholders at an extraordinary general meeting on Wednesday approved steps necessary for the company’s stock delisting.

With the approval, Toshiba will go private on Dec. 20, bringing an end to its 74-year history as a publicly traded firm.

“By creating a stable shareholder system, we hope to dazzle the world once again with our innovative technologies,” Toshiba President Taro Shimada said, voicing confidence that the company will be able to achieve this goal.

Some shareholders asked questions about future management plans, while others voiced their hopes for possible stock relisting.

Responding to calls from shareholders on the company to continue taking good care of its engineers after the stock delisting, Shimada said, “I’d like to strive to achieve that.”

The general meeting, attended by 123 shareholders, ended after less than an hour.

Since its accounting irregularities came to light in 2015, Toshiba has faced a management turmoil.

Aiming to achieve a business turnaround under a stable environment, Toshiba decided to go private through a tender offer by a consortium led by investment fund Japan Industrial Partners Inc.

The tender offer that began in August ended in success on Sept. 21, with the consortium gathering tenders from 78.65% of Toshiba shareholders.