Toshiba delisted and became a wholly owned subsidiary November 13, 18:47 with the aim of strengthening profitability
Toshiba decided to delist the shares of the three subsidiaries that handle power generation systems and make it a wholly owned subsidiary. The aim is to eliminate so-called “parent and child listing” and to integrate management.
According to the announcement, Toshiba is a subsidiary that is listed on the stock of “Toshiba Plant System” that handles power generation systems, “New Flare Technology” that handles semiconductor manufacturing equipment, and “Nishishiba Electric” that handles electrical equipment such as ships. We decided to delist the three companies as wholly owned subsidiaries.
We plan to purchase approximately 200 billion yen and purchase all shares of the three companies through a tender offer of TOB = shares by the 25th of next month.
The aim is to eliminate so-called parent-child listings and promote management integration to strengthen the profitability of the group.
Regarding the listing of parent and child, Toshiba has decided to eliminate it as part of its own management reconstruction, as it has been pointed out that the profits of the parent company may be prioritized and the profits of minority shareholders of subsidiaries may be impaired.
Toshiba Chairman Masaaki Kurutani said at the press conference on the 13th: “The issue of listed subsidiaries is an important governance issue. We have been considering the independence of each company, but from now on we will unite the group to maximize synergies. I want to aim. "
In addition, Toshiba announced that its interim financial results up to September showed an operating profit of 52.0 billion yen, showing profits from its main business, which was 7.5 times higher than the same period last year due to the reduction of fixed costs through management reconstruction measures. It was.