A Hong Kong-based activist investor in Toshiba Corp has asked the Japanese conglomerate to sell its entire stake in Kioxia Holdings when the ...
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 US$32 billion, according to a letter reviewed by Reuters.
Market valuation could reach US$32 billion, domestic media reports have estimated. However, the coronavirus outbreak has created uncertainty over the timing of the IPO and valuation of the shares, given that the market for flash memory chips, used in smartphones and data storage servers, is highly volatile.
Toshiba has explained to Argyle that one of the reasons for the reinvestment was the requirement by Japanese regulators for a significant portion of Kioxia shares to be held by domestic parties, according to the letter.
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