Some of Toshiba Corporation’s major shareholders have objected to the company’s plan to split into three separate companies.

It would be recalled that last week, BOOM Television reported plans by the Japanese Conglomerate to split into three companies.

Since the announcement, Toshiba’s stock has gone down more than 8% which is approximately 190 billion yen in shareholding value.

In an open letter sent by 3D Investment Partners, a Singapore-based Hedge Fund company which controls more than 7% of Toshiba stocks, objections were clearly laid out to the company’s board.

Some other hedge fund shareholders also showed their displeasure as Toshiba turned down the idea of going private.

3D Investment Partners said in the letter that the split is very unlikely to resolve Toshiba’s current problems. Rather, it is more likely to create three underperforming companies in the image of today’s Toshiba.

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