TOKYO (JAPAN) – Japan’s Toshiba Corp said on Monday it planned to monetise its 40.2% stake in former flash memory chips unit Kioxia Holdings, stating its intentions of a potential stake sale for the first time.
Toshiba also said it planned to return a majority of the net proceeds to shareholders, a step that some activist fund investors have been demanding.
Toshiba plans to gradually unwind the Kioxia stake after the world’s second-largest flash memory chip firm lists its shares in an IPO later this year, people familiar with the matter said on Saturday.
Shares in Toshiba jumped more than 6% in early trade on Monday.
(Photos syndicated via Reuters)
This story has been edited by BH staff and is published from a syndicated field