The company's plan is to buy 40% of its own shares when opening the stock exchange on Friday
Toshiba's Japanese conglomera has announced that restructuring is underway to restore investor confidence. The company starts to sell troubled assets, job cuts, and restart shares. The news rose by a 13% share price.
The company announced that it would sell its British nuclear subclass, and a Chinese ENN company will buy its United States liquidated gas gas business. This is part of the company's new strategy for the next five years, which includes cutting 7,000 jobs.
The company's scheme also includes a 40% recovery of shares. Hi is trying to recover the confidence of investors after the 2015 scandal reveals a number of inconsistencies in the conglomerate.
"It was possible for the company to sell its ineffective businesses and cut jobs so it was expected at some point, but investors are more likely to believe," said Investiro's chief executive Hiroyuki Fukunaga.
"The announcement of recovering 40% of the shares is also definitely good news," he added. Toshiba had already announced that he would start repaying 700 billion yen, but he did not indicate when. The company also said it had reduced its annual profit forecast to 60 billion yen, while previous expectations were 70 billion yen,
Plans and sales
The Japanese group is trying to sell assets that have led to losses. The decision to sell NuGen will defer Britain's plans to build new nuclear power plants. At present, South State, the state owned company, Korea Electric Power, is currently negotiating with Toshiba to buy a share in NuGen. Energy and country minister told Thursday that he would co-ordinate his actions with the British government and follow the process.
Toshiba said he would sell its liquidated natural gas production facility in the United States to Ecological ENN, as part of the Chinese gas company ENN. The company has been trying years to sell this business after signing a 20-year contract to buy LNG.
The Japanese company believes that the sale of assets and job cuts as well as other restructuring plans will help boost long-term profitability.