Toshiba to apply for return to TSE's first section - sources

Credit: REUTERS/ISSEI KATO

TOKYO, April 3 (Reuters) - Toshiba Corp 6502.T plans to file an application as early as Friday to return to the Tokyo Stock Exchange's first section, sources familiar with the matter said.

The Japanese company was relegated to the second section in 2017 after massive writedowns at its U.S. nuclear power business caused liabilities to exceed assets - a condition for automatic demotion.

It would have needed at least five consecutive years of audited financial reporting to return to the first section under the Tokyo bourse's previous rules, but that requirement was reduced to two years this year.

The sources declined to be identified because the matter is still private.

(Reporting by Makiko Yamazaki; Editing by Chris Gallagher)

((Makiko.Yamazaki@thomsonreuters.com; +81-3-4563-2805;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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