Toshiba to buy back 6% of shares, pay special dividend

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FILE PHOTO: The logo of Toshiba Corp. is seen at the company's facility in Kawasaki, Japan

TOKYO (Reuters) – Toshiba Corp said on Monday it will buy back up to 6% of its outstanding shares worth around 100 billion yen ($913 million), in line with its plans to boost shareholder returns.

The Japanese industrial conglomerate will also allocate about 50 billion yen to pay a special dividend as “some shareholders, mainly retail shareholders, prefer dividends”, it said in a statement.

Toshiba, which has been under pressure from activist shareholders, last month promised to return to shareholders a surplus of 150 billion yen against the appropriate shareholder equity level.

($1 = 109.5600 yen)

(Reporting by Makiko Yamazaki; Editing by Himani Sarkar)

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