A Hong Kong-based activist investor in Toshiba Corp has asked the Japanese conglomerate to sell its entire stake in Kioxia Holdings when the flash memory chip firm is listed in an IPO that could raise up to $32 billion, according to a letter reviewed by Reuters.
) has asked the Japanese conglomerate to sell its entire stake in Kioxia Holdings when the flash memory chip firm is listed in an IPO that could raise up to $32 billion, according to a letter reviewed by Reuters.
The initial public offering of Kioxia, the world’s second-largest flash memory chip maker, could be Japan’s biggest listing this year, sources have said. Toshiba sold its flash memory chips unit to a consortium led by U.S. private equity firm Bain Capital for $18 billion in 2018 to plug a huge financial hole left by the bankruptcy of its U.S. nuclear business.
But this aspect should not be a factor in Toshiba’s decision whether to divest or not, the letter argued. “Doing otherwise would unnecessarily penalise shareholders.”
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