Toshiba Unlikely to Delist After PwC Signs Off on Earnings
Toshiba Unlikely to Delist After PwC Signs Off on Earnings
Toshiba Corp is seen on a printed circuit board in this
12 August, 2017, 00:31
Toshiba on Thursday met a looming deadline to report its delayed financial results, saying it lost around $8.8 billion (7.5 billion euros) in the last fiscal year over its hard-hit United States nuclear unit, Westinghouse Electric.
PwC Aarata gave an "adverse" statement on the company's internal controls, however, saying it had overlooked massive losses related to the company's now-bankrupt US unit.
Toshiba yesterday reported a ￥965.7 billion (US$8.8 billion) loss for the fiscal year through March, worse than the ￥460 billion loss racked up the previous fiscal year, and similar to what it had reported before.
Toshiba still needs to get itself out of a negative net worth to avoid being delisted.
An auditor endorsement may remove one less headache for Toshiba as it seeks to close the memory chip unit deal that has stalled due to disagreements between members of the main bidding groups.
The qualified approval by the auditor marks a step forward for Toshiba in maintaining its Tokyo Stock Exchange listing.
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In June, Toshiba picked the consortium of state-backed Innovation Network Corp of Japan, the state-owned Development Bank of Japan and US fund Bain Capital as its preferred bidder for its chip business.
Following PwC's sign-off, the Tokyo Stock Exchange is now reviewing Toshiba's governance to decide whether the firm can stay listed. Analysts have said delisting is unlikely as long as PwC signed off on the results.
That has unnerved Toshiba's preferred bidder group, a consortium including Japanese government-backed funds, private equity firm Bain Capital LP and South Korean chip maker SK Hynix Inc. It was good news for a company confronted with delisting fears and legal battles with Western Digital.
For Toshiba, which was downgraded to the second section of the Tokyo bourse this month, a loss of its status as a listed company would further thwart its ability to increase money, particularly for the investment-intensive chip business that it is trying to sell.
"The biggest risk is still going to be what happens to the sale of the memory business", the senior technology analyst said.
"In the meantime nobody can make a clean, unconditional bid", said Stephen Givens, a corporate lawyer based in Tokyo.
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Ministry spokesman Khaled Megahed told state television that more than a 100 people were also injured in the collision. Have you read Trendiee Today? Abu Homs said he fears the death toll and the number of injured could rise further.
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