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Toshiba sets $6.3 billion share buyback with proceeds of chip unit sale

Reuters  |  TOKYO 

TOKYO (Reuters) - Toshiba Corp unveiled a higher-than-expected $6.3 billion stock buyback that sent its shares up as much as 11 percent, as the Japanese firm followed up on a pledge to share proceeds from an $18 billion sale of its memory chip business.Its announcement on Wednesday that about 700 billion yen ($6.33 billion) of its shares will be repurchased allayed concerns Toshiba may keep more of its cash, given its uncertain outlook after the disposal of the chip unit and other assets.Toshiba had promised to reward shareholders after the sale of the chips unit to a consortium led by U.S. ...

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First Published: Wed, June 13 2018. 11:41 IST
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