Toshiba appoints ex-banker as CEOBut Toshiba was unable to complete the sale by the agreed deadline of March 31 as it was still waiting for approval from China’s antitrust authorities. Toshiba raised $5.4 billion from a share issue to foreign investors late last year and it had now decided it did not need to go through with the sale, the Mainichi newspaper reported. “Toshiba has come to a decision that there is little necessity for the sale as it is no longer in insolvency,” the newspaper reported, adding that Toshiba would consider listing the unit if the sale did not go ahead. Deal paves way for sale of Toshiba chip unitA Toshiba spokesman said the company was still aiming to complete the sale as soon as possible. In early April, Toshiba Chief Executive Nobuaki Kurumatani said his company would not use the option of canceling the sale unless there was any “major material change” in circumstances.

Source: The Express Tribune April 22, 2018 09:11 UTC