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Toshiba’s top shareholder to vote against break-up plan

Randy Mancini 3 Mar 10
FILE PHOTO: Logo of Toshiba Corp is seen outside an electronics retail store in Tokyo
FILE PHOTO: A logo of Toshiba Corp is seen outside an electronics retail store in Tokyo, Japan, February 14, 2017. REUTERS/Toru Hanai

March 10, 2022

TOKYO (Reuters) – Effissimo Capital Management said on Thursday it had decided to vote against Toshiba Corp’s break-up plan that comes up for a vote on March 24, since the plan might ultimately damage medium- to long-term corporate value.

It is the first time that Singapore-based Effissimo, Toshiba’s top shareholder with a stake of about 10%, has stated its stance on the Japanese conglomerate’s controversial restructuring plan.

(Reporting by Makiko Yamazaki; Editing by Clarence Fernandez)