Fund expects long-term gains from Toshiba stake

Tokyo

SINGAPORE-BASED fund Effissimo, which has given embattled Toshiba Corp a rare vote of confidence with its purchase of an 8 per cent stake this month, on Friday said the holding was for pure investment purposes and it expected long-term price gains.

The fund - established by former colleagues of Japan's most famous activist investor, Yoshiaki Murakami - has now become the largest shareholder in Toshiba, which is caught up in a multi-billion-dollar financial maelstrom surrounding its US nuclear unit Westinghouse.