TOKYO, Dec. 20 (Xinhua) — Japan’s Toshiba Corporation on Wednesday was delisted from Japanese stock exchanges, ending its 74-year-long historical past as a publicly traded firm.
The electronics large noticed its widespread shares delisted from the Prime Market of the Tokyo Stock Exchange and the Premier Market of the Nagoya Stock Exchange on the buying and selling day.
On their final buying and selling day of Tuesday, shares of Toshiba closed at 4,590 yen (about 31.98 U.S. {dollars}), down 0.1 p.c from yesterday.
“Toshiba Group will now take a major step toward a new future with a new shareholder,” the corporate mentioned in an announcement, because it now goals for reconstruction beneath a brand new administration crew that seeks to relist its stock in about 5 years.
A 2-trillion yen takeover bid for Toshiba by a consortium led by Japan Industrial Partners (JIP) succeeded in September, placing the scandal-tarnished Japanese electronics and power large in home arms after years of battles with abroad activist traders.
The JIP-led consortium efficiently secured 78.65 p.c of Toshiba’s shares in the course of the takeover bid, surpassing the required two-thirds majority wanted for the consolidation proposal’s approval on the shareholder assembly.
In November, the procedures essential to take Toshiba personal had been authorized at a unprecedented assembly of Toshiba shareholders, providing the consortium the chance to accumulate the remaining shares that weren’t a part of its profitable 2 trillion yen takeover bid.
Toshiba, one in every of Japan’s main firms, was based in 1875. It began as an electrical equipment maker and regularly branched out into new enterprise sectors similar to infrastructure and renewable power.
Since 2015, Toshiba has been battered by accounting scandals, suffered heavy losses and got here near being delisted. It has additionally been engulfed in a sequence of company governance scandals. (1 U.S. dollar equals 143.60 Japanese yen)