Chiba, JAPAN (Reuters) – Toshiba Corp is considering various measures in case it will not be able to complete the $ 18 billion sale of its prized chip unit by the end of March, its chief executive said on Tuesday.
FILE PHOTO: The logo of Toshiba is seen as a shareholder arrives at Toshiba’s extraordinary shareholders meeting in Chiba, Japan March 30, 2017. REUTERS/Toru Hanai/File Photo
The sale, which still needs to clear antitrust reviews, needs to close by the end of the financial year in March or it will likely report negative net worth, or liabilities exceeding assets, for a second year running. If it does, that could trigger an automatic delisting from the Tokyo Stock Exchange.
“We must think about various measures in accordance with changes in circumstances,” Toshiba CEO Satoshi Tsunakawa said at an extraordinary general meeting. “Nothing has been decided, but it’s true that we are considering potential measures.”
Reporting by Makiko Yamazaki; Editing by Edwina Gibbs
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