Toshiba Files for Return to TSE First Section
Tokyo, April 3 (Jiji Press)--Toshiba Corp. <6502> said Friday it has filed for approval from the Tokyo Stock Exchange for its return to the exchange's first section.
The Japanese electronics and heavy machinery maker was demoted to the second section in August 2017 after the company's liabilities exceeded its assets due to massive losses at its nuclear business in the United States.
Friday's filing came after the TSE relaxed its listing standards in February. The exchange will decide whether to allow Toshiba's comeback after months of scrutiny of the company's internal management system.
After being battered by its massive accounting scandal, Toshiba has taken steps to bolster its governance, including making about 80 pct of its directors independent.
The company has already withdrawn from U.S. nuclear operations and sold its liquefied natural gas business in the United States.
[Copyright The Jiji Press, Ltd.]