Toshiba targets 600b yen from shares sale to fend off delisting

Tokyo

TOSHIBA Corp plans to raise 600 billion yen (S$7.2 billion) by selling new shares and will explore divestment of its Westinghouse-related assets in a bid to avoid being delisted from the Tokyo Stock Exchange.

Toshiba's board approved the transaction on Sunday and expects it to close by Dec 5, the Tokyo-based company said in a statement. It will sell 2.28 million new shares at 262.8 yen per share, about 10 per cent less than Friday's closing price, it said in a separate statement in Japanese. Toshiba shares fell as much as 5.1 per cent in Tokyo trading.