Tosh’s Tokyo Listing In Jeopardy
Struggling Japanese electronics and nuclear company Toshiba has been given until August 10 to get auditors to sign off on its earnings statements – or it may be de-listed from the Tokyo Stock Exchange.
Toshiba received an extension of an earlier June deadline to give its earnings report for its fiscal year ended March, but was penalised over a second board listing.
The company recently revised its unaudited earnings report to a 995 billion yen or US$9 billion loss.
Last week the company revealed it has chosen a consortium led by a government-backed fund to purchase its much sought-after computer memory chip business.
The bid from the consortium of Innovation Network, Bain Capital Private Equity and the Development Bank of Japan totals about 2 trillion yen or US$18 billion.