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Shares in Toshiba fell in Tokyo on Monday after the embattled company said its board had signed off on a capital injection via a ¥600bn ($5.4bn) share offering.

Shares in the company were down as much as much as 4.8 per cent in early trading in Tokyo before pulling back to be down 2.7 per cent at ¥284. The broader Topix index was off 0.1 per cent.

The Japanese company’s finances are in a precarious state owing to a multibillion dollar writedown on its now bankrupt US nuclear unit, Westinghouse, and it is working to complete the ¥2tn sale of its prized memory chip business to a private equity-led consortium in an effort to plug a ¥750bn hole in shareholder equity.

The new financing deal is scheduled to close on December 5.

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