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Toshiba announces $6.33 bn share buyback after memory chip deal

Toshiba had promised to reward shareholders after completing the sale of the chips unit to a consortium led by US private equity firm Bain Capital

Reuters  |  TOKYO 

Toshiba Corp announced a planned share buyback of around 700 billion yen ($6.33 billion), following up on a pledge to share the windfall from an $18 billion sale of its memory chip business which closed earlier this month. Shares of the company rose 7 percent on Wednesday after the news. Toshiba had promised to reward shareholders after completing the sale of the chips unit to a consortium led by US private equity firm Bain Capital. The company had in recent years cancelled dividend payments and came close to a delisting following an accounting scandal and massive cost ...

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First Published: Wed, June 13 2018. 11:37 IST
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