BlackBerry’s turnaround efforts appear to be gaining a signal of confidence from the Ontario Teachers’ Pension Plan. The retirement fund purchased almost 7.8 million shares of BlackBerry Ltd. in the third quarter.
The Ontario Teachers’ Pension Plan is now a top 10 holder 8.23 million shares as of Sept. 30. From yesterday’s closing stock price, their 1.6 per cent stake is valued at about $84.5 million USD.
BlackBerry’s CEO, John Chen, has diligently worked to build a rescue plan for the company. Over the past year under Chen’s watch, BlackBerry has outsourced manufacturing, sold real estate and focused on core business customers as he aims to start making a profit by FY2016.