Toshiba Corp will hold an extraordinary shareholder meeting next month to seek investor feedback on its revised spin-off plan, Bloomberg reported on Feb. 14. Toshiba said in a statement today that the meeting will take place on March 24. The meeting's vote on the split plan will not be legally binding and will be passed by ordinary resolution, which requires a simple majority to pass. The company said there will be a legally binding vote on the split next year.
The meeting came after Toshiba announced last week that it would split into two companies.
Toshiba now plans to spin off its equipment business, which includes semiconductors and sell off non-core businesses in areas such as air conditioners, elevators, and lighting. The company last week denied the change was due to shareholder pressure, instead of saying the new plan would be smoother and save money.
Earlier, Toshiba said shares in memory chip business Kioxia would remain held by the company, but the company would seek to "immediately" liquidate the shares and return the proceeds to shareholders. Kioxia has been pursuing an initial public offering (IPO), but reports say it is also in merger talks with Western Digital.
Toshiba also designated its listed electronic equipment business, Toshiba Tec, as a non-core business, but did not say it would sell the unit. Toshiba will use 300 billion yen ($2.6 billion) of excess capital for shareholder returns over two years. In addition, Toshiba will sell its 55% stake in air-conditioning unit Toshiba Carrier to US joint venture partner Carrier Global for about 100 billion yen.
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