Toshiba Shareholders OK Stock Delisting

Tokyo, Nov. 22 (Jiji Press)--Toshiba Corp. shareholders at an extraordinary general meeting on Wednesday approved steps necessary for the company's stock delisting.

With the approval, Toshiba will go private on Dec. 20, bringing an end to its 74-year history as a publicly traded firm.

"By creating a stable shareholder system, we hope to dazzle the world once again with our innovative technologies," Toshiba President Taro Shimada said, voicing confidence that the company will be able to achieve this goal.

Some shareholders asked questions about future management plans, while others expressed hopes for stock relisting, saying the delisting is "very regrettable."

Responding to calls from shareholders for the company to continue supporting its engineers after the stock delisting, Shimada said, "I will endeavor to do so."

"We'd like to carry out major reforms so that we can respond to the trust of shareholders who have held (our shares) for a long time," he added.

The general meeting, attended by 123 shareholders, ended after less than an hour.

Since its accounting irregularities came to light in 2015, Toshiba has been faced with management turmoil.

Aiming to achieve a business turnaround in a stable environment, Toshiba decided to go private via a tender offer by a consortium led by investment fund Japan Industrial Partners Inc.

The tender offer, which began in August, ended in success on Sept. 21, with the consortium gathering tenders from Toshiba shareholders with a combined stake of 78.65 pct.

Following the approval of the proposal at the shareholders' meeting, the JIP-led camp will forcibly purchase all shares held by shareholders who did not accept the takeover bid. The Tokyo Stock Exchange and the Nagoya Stock Exchange have decided to delist Toshiba shares.
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