U.S. Fund Urges Toshiba to Boost Buyback

Economy

Tokyo, Oct. 4 (Jiji Press)--U.S. investment fund King Street Capital Management LP has called on Toshiba Corp. <6502> to increase its planned share buyback and carry out the transaction early.

King Street Capital, a major shareholder of the Japanese machinery maker, made the request in a statement Wednesday.

In June, Toshiba announced a plan to repurchase 700 billion yen of own shares.

The fund, however, requested the company to increase the amount to 1.1 trillion yen and conduct the buyback immediately after its announcement of a new business plan slated for November.

According to the statement, King Street Capital owns a 6.5 pct stake in Toshiba.

[Copyright The Jiji Press, Ltd.]

Jiji Press