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Singapore-based Effissimo Capital owns 8.1 percent in Toshiba-filing
March 23, 2017 / 6:43 AM / 9 months ago

Singapore-based Effissimo Capital owns 8.1 percent in Toshiba-filing

TOKYO (Reuters) - Singapore-based fund Effissimo, established by former colleagues of Japan’s most famous activist investor, Yoshiaki Murakami, has become the largest shareholder in Toshiba Corp (6502.T) with an 8.14 percent stake, a regulatory filing showed on Thursday.

The logo of Toshiba Corp. is seen at the company's facility in Kawasaki, Japan February 13, 2017. Picture taken February 13, 2017. REUTERS/Issei Kato

Effissimo Capital Management is closely watched in Japan because of its passing connection with Murakami.

The fund is the largest shareholder in shipper Kawasaki Kisen Kaisha Ltd (9107.T), office equipment maker Ricoh Co Ltd (7752.T) and electronics retailer Yamada Denki Co Ltd (9831.T).

    Effissimo’s purchase of Toshiba shares is worth about 65 billion yen ($584.3 million), based on its closing price on March 15, the date of ownership shown in the filing.

    The activist fund’s sudden emergence as the biggest shareholder came as the electronics conglomerate is trying to survive through the huge losses stemming from its U.S. nuclear business.

    Earlier this month, it missed submitting audited third-quarter earnings for a second time and said it would consider selling a majority stake in Westinghouse which is at the center of its financial troubles.

    Prior to the filing, Toshiba shares closed up 6.9 percent at 207.3 yen.

    Reporting by Taiga Uranaka; Editing by Stephen Coates

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