Business / Corporate

Toshiba buys back ¥120.8 billion worth of its own shares

Kyodo

Toshiba Corp. said Tuesday it has bought back ¥120.8 billion of its own shares as part of a ¥700 billion buyback plan.

The program, aimed at buying back up to 260 million shares, or about 40 percent, of its outstanding shares, will continue until next November, it said.

Toshiba paid ¥3,635, the closing price Monday, per share in off-hour trading before the market reopened.

The massive buyback plan came after the company completed the sale of its chip unit, Toshiba Memory Corp., to a Japan-U.S.-South Korean consortium on June 1 for ¥2 trillion in an effort to raise cash to bolster its financial standing following massive losses at its former U.S. nuclear subsidiary.