Toshiba says to buy back $6.33 billion in shares

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TOKYO (Reuters) – Toshiba Corp said on Wednesday that it would buy back around 700 billion yen ($6.33 billion) in shares as soon as possible after selling its memory chip business for $18 billion.

FILE PHOTO: A logo of Toshiba Corp is seen outside an electronics retail store in Tokyo, Japan, February 14, 2017. REUTERS/Toru Hanai/File Photo

Shares of the company rose 5 percent after the news.

Toshiba, which had promised to reward shareholders after years of crisis and coming close to a delisting, said it will carefully consider the timing and method of the repurchases but aimed to carry them out as soon as possible.

Reporting by Ritsuko Ando; Editing by Himani Sarkar

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