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Toshiba was revealed to have proposed to divide the company into three separate businesses. The plans were outlined on Friday, Nov. 12, but the firm's top investor, Effissimo Capital Management, said it had not made a decision yet regarding the matter.
The said investor has yet to announce if it will be backing Toshiba's plans to break up into three companies or not. According to Reuters, the proposal was forwarded as the company attempts to soothe activist shareholders who are calling for Toshiba to be overhauled after being continuously hit by scandals for years.
Effissimo Capital is based in Singapore and it owns a 9.9 percent share in the Japanee company. It was reported that Toshiba issued a statement after a Japanese broadcaster said a source from the SG-based financial and investment said the firm would not be supporting the plans.
It was said that Effissimo would reveal its decision on the proposal at next year's Toshiba extraordinary shareholders meeting. The fund said it would make its decision after sincere considerations appertaining to the analysis of disclosed information and engagement with the company.
In an emailed statement, Toshiba did issue a reply to Effissimo's statement but said, "We hope to hear sincere opinions from shareholders after we explain thoroughly to seek their understanding about the plans."
At any rate, CNN Business reported that Toshiba Corp's plan is to divide the company into three independent ventures. Two core businesses will be spun off and these are its energy and infrastructure business and its device and storage biz. This proposal was formed after a five-month strategic review following a series of damaging corporate scandals.
The Japanese firm said it thinks the division is the best route to take to improve shareholder value. "The decision allows each business to significantly increase its focus and facilitate more agile decision-making and leaner cost structures," Toshiba said.
Meanwhile, Toshiba is looking forward to the fulfillment of the plan and hoping to complete the reorganization of the company by the third or fourth quarter of the 2023 financial year.
