Toshiba shares surge 10pc on Eff­is­simo link

New Straits Times - - Business -

TOKYO: Toshiba Corp’s shares jumped as much as 10 per cent af­ter a hedge fund dis­closed that it had be­come the em­bat­tled con­glom­er­ate’s big­gest share­holder, fu­elled by op­ti­mism that the com­pany will be able to cope with a loom­ing multi­bil­lion-dol­lar write­down from its West­ing­house nu­clear-equip­ment busi­ness.

Sin­ga­pore-based Eff­is­simo Cap­i­tal Man­age­ment Pte Ltd held 8.1 per cent of Toshiba as of March 15, ac­cord­ing to a reg­u­la­tory fil­ing on Thurs­day, mak­ing it Toshiba’s top share­holder.

The stake is worth about 77 bil­lion yen (RM3 bil­lion) based on Toshiba’s cur­rent price, al­though it’s not clear whether the fund’s own­er­ship has changed since the fil­ing’s date of record.

Eff­is­simo, which be­gan mak­ing in­vest­ments in 2006, is the first in­vestor with an ac­tivist his­tory to tar­get Toshiba.

Eff­is­simo in­di­cated in the fil­ing that it was mak­ing an in­vest­ment in Toshiba on be­half of clients, sug­gest­ing that it’s keep­ing all op­tions open.

The stake was “purely for in­vest­ment”, said the fund.

Eff­is­simo is also the largest share­holder in ship­per Kawasaki Kisen Kaisha Ltd, of­fice equip­ment maker Ri­coh Co Ltd and elec­tron­ics re­tailer Ya­mada Denki Co Ltd. Bloomberg

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