Shulou(Shulou.com)11/24 Report--

CTOnews.com November 22 news, Toshiba, Japan today held an interim shareholders' meeting, through the company privatization proposal, announced that it will be delisted from the Tokyo Stock Exchange on December 20.

As previously reported by CTOnews.com, a consortium dominated by Japan's domestic fund, Japan Industrial Partners (JIP), officially launched a bid for Toshiba totaling about 2 trillion yen (currently about 96.6 billion yuan) in August. The consortium will acquire the remaining shares from ordinary shareholders and acquire Toshiba as a wholly-owned subsidiary, the document said. In September, Toshiba announced the success of JIP's 2 trillion yen takeover offer, meeting the threshold of taking the company private.

The delisting of ▲ Toshiba's official website Toshiba this year means that its 74-year status as a listed company will come to an end, and its shareholders will be unified into a JIP consortium of more than 20 Japanese companies, and plans to retain Toshiba's CEO and his management team.

Toshiba's history dates back to 1875, but Toshiba has been hit by scandals and heavy losses since 2015, and Toshiba's delisting will put an end to its troubled decade.

Toshiba, once known for its technological innovation, paid the highest fine in Japan's history in 2015 for falsifying financial statements.

The company then suffered a catastrophic blow to its nuclear business, forcing it to write down $6.3 billion (CTOnews.com Note: currently about 44.982 billion yuan) and sell its "Pearl in the Crown" memory chip business, which has now been restructured as Kioxia Holdings Corp.)

In 2021, the company announced a plan to split into three departments, but in 2022 it revised the plan to support a two-way split. After the then CEO resigned to take responsibility for the chaos, the board began soliciting bids for the company's privatisation.

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