April 19, 2024

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[INVESTOR] TOKYO -- Toshiba will hold an extraordinary shareholders meeting on Oct. 24 to formalize the board’s decision to sell Toshiba Memory to a consortium led by U.S. investment fund Bain Capital, according to reports by the Nikkei Asian Review on Sept.21.

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The announcement came after Toshiba’s board on Sept.20 decided to sell its flash memory unit to the consortium, which also includes South Korean chipmaker SK hynix and Apple, in a deal worth around 2 trillion yen ($17.9 billion).

At the meeting, shareholders will also vote on the appointment of its 10 board members as well as on financial results for the year ending March, which Toshiba was not able to submit in time for the June regular shareholders meeting.

Toshiba at the time told shareholders it would call an extraordinary meeting once the financial results were prepared. Board members elected in June have their mandate only until the extraordinary meeting.

(theinvestor@heraldcorp.com)