Toshiba plans to sell its shares in Kioxia
According to the Nikkei Asia, Toshiba plans to gradually sell its shares in Kioxia in order to ensure the company's profits.
In 2018, Toshiba divested its storage unit (now Kioxia) and then sold it to international investors, including Bain Capital, for about 2 trillion yen. Afterwards, Toshiba purchased 40.2% of Kioxia's shares for approximately 350 billion yen.
The report said that Kioxia plans to list on the Tokyo Stock Exchange in October this year. After listing, Toshiba will sell 40.2% of its shares, and more than half of the after-tax proceeds from the sale will be returned to shareholders.
The market value of Kioxia after the listing is expected to reach trillions of yen, which will bring huge returns to Toshiba. However, the details of the sale, such as the number of shares, have not yet been determined.
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