Crisis-hit Toshiba drops out of Japan’s leading index Nikkei 225

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Crisis-hit Toshiba drops out of Japan’s leading index Nikkei 225
Crisis-hit Toshiba drops out of Japan’s leading index Nikkei 225

Toshiba, the crisis-hit electronics group, has to leave the first Japanese stock market. As of 1 August, Toshiba will no longer be represented in the leading index Nikkei 225, the Japanese stock exchange announced on Friday in Tokyo.

Toshiba shares then migrate to the underlying stock exchange segment.

A balance sheet scandal and the insolvency of the US nuclear power plant company Westinghouse had pushed Toshiba into a serious crisis. The one-time Japanese flagship company writes high losses. The course has slumped over the past months.

In view of the many construction sites, Toshiba has problems to present its business figures for the past year. The Group has therefore extended the deadline to the competent authority until August 10, as it communicated on Friday. Actually, the data would be due as of 30 June.

Toshiba has already shifted the announcement of business figures several times. For the past financial year, which ran until the end of March, the Group now expects a loss of 8
billion euros. Toshiba shares fell on Friday by four and a half percent.

In order to get financial air, Toshiba wants to sell its well-running storage chip business. This could be a deal by June 28, Group CEO Satoshi Tsunakawa said on Friday. Still, the Japanese have to agree with their US partner Western Digital, with whom they jointly operate a plant and which claims a preemption right. Toshiba favors a consortium of the financial investor Bain, which has presented a higher offer with a converted 17 billion euro.


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