6/13/2018, 7:46 AM (Source: TeleTrader)
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Toshiba surges 11.08% as it unveils share buybacks

Toshiba Corp., which has undergone painful restructuring that culminated in a sale of a controlling stake in Toshiba Memory Corp., said on Wednesday that it would use ¥700 billion ($6.3 billion) from the proceeds for a stock repurchase program. After the announcement, shares spiked as much as 11.08% to ¥351 in Tokyo.

The ailing technology giant added it would continue to consider policy on payments of stable dividends. The share buybacks will be implemented as soon as possible, Toshiba said. It revealed the management has a cautious approach to mergers and acquisitions.

Sharp agreed last week to purchase an 80.1% stake in Toshiba's personal computer and laptop portfolio for ¥4 billion ($36 million). Following a climb to the strongest point since the end of 2016 today, shares were 6.96% higher at 7:25 am CET, selling for ¥339 apiece.

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