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Toshiba Corp.’s shares jump after Effissimo becomes its top shareholder

Toshiba Corp.’s shares

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.

Effissimo Capital Management Pte held 8.1 per cent of Toshiba as of March 15, according to a regulatory filing Thursday, making it Toshiba’s top shareholder. The Singapore-based investor declined to comment. Toshiba shares were 8.2 per cent higher at the trading break in Tokyo on Friday.

Paul

The author Paul