March 24, 2017 / 12:30 AM / 8 months ago

Toshiba shares rise 6 percent after Effissmo increases stake

TOKYO (Reuters) - Shares in Toshiba Corp (6502.T) rose as much as 6 percent on Friday morning trade after Singapore-based fund Effissimo, established by former colleagues of Japan’s most famous activist investor, became its largest shareholder.

FILE PHOTO: A logo of Toshiba Corp is seen outside an electronics retail store in Tokyo, Japan, January 19, 2017. REUTERS/Toru Hanai/File Photo

Effissimo Capital Management, set up by Yoshiaki Murakami, owns an 8.14 percent stake in Toshiba, according to a regulatory filing showed on Thursday.

The activist fund’s emergence as the biggest shareholder came as the electronics conglomerate struggles with huge losses stemming from its U.S. nuclear business.

Reporting by Junko Fujita; Editing by Richard Pullin

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