Tokyo (Reuters)-Tokyo Stock Exchange returns to the first section of the stock exchange on Friday as Toshiba (OTC :) Corp calls for better governance in a Japanese industrial conglomerate. Approved.
Toshiba, which applied for a return in April last year, will return to Part 1 on January 29th. The company said the repayment could help seduce the stock index to buy from investors.
The Japanese company was demoted to Part 2 in 2017 as its liabilities exceeded its assets due to a major write-down in the US nuclear business. This is a condition for automatic demotion.
The TSE decision begins with two major shareholders, Singapore-based Effissimo Capital Management and US hedge fund Farallon Capital Management, requesting an extraordinary shareholders’ meeting on governance-related issues.
Efficimo Capital called for an investigation at Toshiba’s annual shareholders meeting last July, saying the company had infringed the voting rights of multiple shareholders.
Farallon Capital is asking the company to seek shareholder approval for the fund’s statement that it is a change in investment strategy.
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Toshiba regains top category on the Tokyo Stock Exchange as Reuters demands improved governance
https://www.investing.com/news/stock-market-news/toshiba-regains-tokyo-exchanges-top-category-amid-calls-for-better-governance-2396811 Toshiba regains top category on the Tokyo Stock Exchange as Reuters demands improved governance