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Toshiba delisted after 74 years, faces future with new owners

Tokyo, December 20, 2023, The Europe Today: Toshiba was delisted on Wednesday after 74 years on the Tokyo exchange, following a decade of upheaval and scandal that brought down one of Japan’s biggest brands and ushered in a buyout and an uncertain future.

The conglomerate is being taken private by a group of investors led by private equity firm Japan Industrial Partners(JIP) that also includes financial services firm Orix, utility Chubu Electric Power and chipmaker Rohm.

The $14 billion takeover puts Toshiba in domestic hands after protracted battles with overseas activist investors that paralysed the maker of batteries, chips, and nuclear and defence equipment.

Toshiba “will now take a major step toward a new future with a new shareholder,” the company said in a statement, adding that it would appreciate continuous understanding and support from its stakeholders.

Toshiba shares ended Tuesday, their last trading day, at 4,590 yen, down 0.1% from the previous day.

Although it is not clear what shape Toshiba will ultimately take under its new owners, Chief Executive Taro Shimada, who is staying in his role following the buyout, is expected to focus on high-margin digital services.