The Japanese manufacturer has announced they will be buying back 6.3 billion $ of their own stock thanks to the sale of their chip unit.
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Toshiba recently completed the sale of their chip unit to Bain Capital, after various delays due to regulatory and disputes with partners. Now, the company will be buying back part of their stock. In total, the first round will be of some 700 billion yens/6.3 billion dollars/5.4 billion euros.
Soon after the announcement, Toshiba’s shares value increased by 11%, and stabilized around 8% by the end of the day.
Toshiba made 18 billion euros from the sale of their chip unit to Bain Capital. Over the past few years, Toshiba hasn’t paid any dividend on their shares, due to the loses on their nuclear-power division.
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