3D Investment Partners PTE, the second-largest investor in Toshiba Corp., called for a special meeting of the Japanese company¡¯s shareholders on Thursday as it steps up opposition to a separation plan.
Singapore-based 3D is requesting a vote on Toshiba¡¯s proposed split, which must be supported by at least two-thirds of stockholders, it said in a statement, confirming an earlier Bloomberg News report. A second proposal from 3D, which holds a 7.6% stake in Toshiba, asks for the company to reconsider alternative options.
Toshiba announced in November that it intended to separate into three companies as a way to create value for shareholders after years of scandals and corporate governance issues. 3D published an open letter that month opposing the plan, saying Toshiba¡¯s strategic review process was inadequate.
With your current subscription plan you can comment on stories. However, before writing your first comment, please create a display name in the Profile section of your subscriber account page.