Japanese conglomerate Toshiba on Thursday said it received eight initial proposals for privatization, as well as two initial proposals for business alliances from potential partners.

Toshiba said after evaluating the proposals, it would select the potential partners to be invited to the final process.

“That will be soon after the 183rd annual general meeting of shareholders scheduled to be held on June 28.’’

The company said it would provide selected potential partners with an opportunity for due diligence after July 2022.

It will also request the potential partners to submit legally binding proposals considering discussions on measures to enhance the company’s corporate value and the certainty of each transaction being actually implemented and proceed with in-depth discussions.

In its investor's presentation, Toshiba said it expects operating income to be 600 billion yen (4.6 billion U.S. dollars) and net sales of five trillion yen for the fiscal year 2030.

It reported an operating income of 159 billion yen and net sales of 3.34 billion yen in the fiscal year 2021.