Toshiba to more than halve its capital base to about $1.8 billion

Reuters News
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Posted: May 23, 2016 1:35 AM

TOKYO (Reuters) - Japan's Toshiba Corp said on Monday it would more than halve its capital base - a move that comes in the wake of a $1.3 billion accounting scandal last year.

It will cut its capital to 200 billion yen ($1.8 billion)from 439.9 billion yen, it said.

The capital reduction will be subject to shareholders' approval and would be effective July 31, the embattled industrial conglomerate said in a statement.

(Reporting by Makiko Yamazaki; Editing by Edwina Gibbs)