Toshiba should sell stake in ex-chip unit at IPO, says HK activist fund in letter [Reuters (UK)]
TOSHIBA CORP UNSP/ADR (TOSYY)
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Source: Reuters
Toshiba should sell stake in ex-chip unit at IPO, says HK activist fund in letter - Reuters 3 Min Read TOKYO (Reuters) - A Hong Kong-based activist investor in Toshiba Corp ( 6502.T ) 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. Argyle Street Management Ltd, a hedge fund with over $1.5 billion under management, sent the letter to CEO Nobuaki Kurumatani in late March urging the company to sell its 40% stake and distribute proceeds back to shareholders. 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. Market valuation could reach $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
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