Business

Toshiba Shares Jump on Auditor Sign-Off

Toshiba Shares Jump on Auditor Sign-Off

Toshiba on Thursday met a looming deadline to report its delayed financial results, saying it lost around $8.8 billion (7.5 billion euros) in the last fiscal year over its hard-hit U.S. nuclear unit, Westinghouse Electric.

Toshiba Corp.is unlikely to delist from the Tokyo Stock Exchange after PriceWaterhouseCoopers Aarata LLC (PwC) signed off on the Japanese company's financial results.

The company said it had a net loss of 965.7 billion yen ($8.8 billion) for the fiscal year ended March 31 but said it would swing back to profitability in the current fiscal year.

Given regulatory approval for any sale is likely to take at least several months, analysts said Toshiba needs to reach a deal within weeks if it wants to close the deal by the end of March and avoid a second consecutive year of negative worth.

The earnings report greatly reduced the chance of an embarrassing delisting of the company from the Tokyo Stock Exchange.

Following PwC's sign-off, the Tokyo Stock Exchange is now reviewing Toshiba's governance to decide whether the firm can stay listed. The auditors have already provided their opinion about the dark future of the organization and said that the delisting got delayed due to PwC signed-off.

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In June, the company picked a consortium of state-backed Innovation Network Corp. of Japan, the state-owned Development Bank of Japan, U.S. investment fund Bain Capital and South Korean chipmaker SK Hynix Inc.as the preferred bidder for Toshiba Memory.

The approval had not come on schedule because of concerns about Toshiba's money-losing nuclear business in the U.S. The company seeks to sell its big chip-making branch to the highest bidder, and has recently opened up negotiations with electronics titans Foxconn and Western Digital after previous talks with a Japanese-led consortium of buyers.

Toshiba, still facing a potential delisting from the TSE, is trying to sell its lucrative chip unit to raise cash.

"The biggest risk is still going to be what happens to the sale of the memory business", the senior technology analyst said. PwC took over as Toshiba's auditor in June previous year.

"In the meantime nobody can make a clean, unconditional bid", said Stephen Givens, a corporate lawyer based in Tokyo.


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