TOKYO -- Key semiconductor maker Toshiba Memory will buy back 38% of its preferred stock from investors including Apple and Dell for 530 billion yen ($4.7 billion) as part of preparations for an initial public offering by March next year, the Nikkei has learned.
The chipmaker plans to fund the purchase by borrowing a total of 1 trillion yen from Japanese banks. The move will pave its way for a stock listing within fiscal 2019 that ends March 31.
