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MarketScreener Homepage  >  Equities  >  Tokyo  >  Toshiba Corp    6502   JP3592200004

TOSHIBA CORP (6502)
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Toshiba considering $5.3 billion capital injection

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11/10/2017 | 02:57am CEST
FILE PHOTO: Shoppers look at Toshiba Corp's Regza television at an electronics store in Yokohama

TOKYO (Reuters) - Toshiba Corp, desperate for cash to avoid a possible delisting, is considering raising about 600 billion yen ($5.3 billion) by offering new shares in a third-party allotment, a person briefed on the matter said on Friday.

The Japanese conglomerate has received proposals from several domestic and overseas brokerages for plans to raise money through a public offering or third-party allotment, and is looking into the option of allocating shares mainly to overseas investors, the person said.

In early trade, shares of Toshiba fell as much as 8 percent on the capital injection plan, first reported by public broadcaster NHK. They were down 4.5 percent by mid-morning, underperforming the benchmark Nikkei average's 1 percent fall.

Strapped with liabilities arising from its bankrupt U.S. nuclear unit, Toshiba agreed in September to sell its prized chip unit, Toshiba Memory, to a group led by Bain Capital for $18 billion. It needs to beef up its balance sheet by the end of the fiscal year in end-March to avoid a possible delisting.

The source told Reuters that Toshiba wants to finalize the capital injection plan by year-end because it would need shareholder approval depending on the offering price and scope of share dilution. The person declined to be identified because the plan is not public.

In a statement, Toshiba repeated its stance that it was aiming to close the deal to sell its chip business by the end of March, saying in response to the NHK report that nothing specific had been decided regarding any funding plans.

Announcing half-year results a day earlier, Chief Financial Officer Masayoshi Hirata said Toshiba had launched a working group to consider various options to raise capital in case the deal did not close in time. He offered no specifics.

Toshiba reported robust second-quarter results with a 76 percent jump in operating profit driven almost entirely by a strong performance from its memory chip unit.

If Toshiba fails to close the sale in time, that could keep Toshiba in negative net worth for a second year in a row, putting pressure on the Tokyo Stock Exchange to delist it.

(Reporting by Taro Fuse; Writing by Chang-Ran Kim; Editing by Stephen Coates)

By Taro Fuse

Stocks treated in this article : Toshiba Corp, Western Digital
Stocks mentioned in the article
ChangeLast1st jan.
NIKKEI 225 0.29% 23940.26 Real-time Quote.4.85%
TOSHIBA CORP -0.90% 331 End-of-day quote.2.16%
WESTERN DIGITAL -0.40% 59.68 Delayed Quote.-24.66%
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Financials (JPY)
Sales 2019 3 712 B
EBIT 2019 -
Net income 2019 1 042 B
Finance 2019 955 B
Yield 2019 -
P/E ratio 2019 1,89
P/E ratio 2020 12,05
EV / Sales 2019 0,33x
EV / Sales 2020 0,33x
Capitalization 2 178 B
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Mean consensus OUTPERFORM
Number of Analysts 16
Average target price 374  JPY
Spread / Average Target 12%
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Managers
NameTitle
Nobuaki Kurumatani Chairman & Chief Executive Officer
Satoshi Tsunakawa President, Chief Operating Officer & Director
Masayoshi Hirata CFO, Director & Head-Finance Management
Hiroshi Yamamoto Chief Technology Officer
Shinichiro Akiba Director & Representative Executive Vice President
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