Economy

Toshiba shareholders give green light to privatization plan scheduled for next month

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Toshiba shareholders gave the green light during an emergency meeting Wednesday to consolidate the company’s shares as the industrial conglomerate aims to rebuild itself as a private firm.

The decision will allow a consortium led by Japan Industrial Partners (JIP) to buy all of Toshiba’s remaining shares, marking the end of its more than 70-year history of being a public firm. Toshiba has been beset by a barrage of issues over the past eight years and the 148-year-old firm is set to be delisted from both the Tokyo Stock Exchange and Nagoya Stock Exchange on Dec. 20.

While Toshiba will be making a fresh start, some shareholders who attended the meeting expressed their frustration at the company’s failure to remain a listed firm.

(The following story may or may not have been edited by NEUSCORP.COM and was generated automatically from a Syndicated Feed. NEUSCORP.COM also bears no responsibility or liability for the content.)

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