Toshiba to buyback shares worth at least $6.3 billion

The move is aimed at keeping its earlier promise to shareholders that it would reward them.

On Wednesday, Toshiba Corp stated, it would buyback its shares worth at least $6.3 billion (700 billion yen).

Toshiba’s move comes in the wake of its successful sale of its memory chip business to a Bain Capital led conglomerate for $18 billion.

With the news reaching the market, Toshiba’s shares rose by 5%.

Toshiba had earlier promised to reward shareholders following years of crisis management which saw it almost get delisted.

Tosihba said, it will carefully consider the timing of the buyback and aims to do as soon as possible.

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