A Hong Kong-based activist investor in Toshiba Corp has told the embattled conglomerate that the $18 billion sale of its chip unit sale to a Bain Capital-led group is no longer necessary after its recent capital injection, according to a letter seen by Reuters.

Argyle Street Management Ltd, a hedge fund with $1.2 billion under management, sent the letter to Toshiba’s board late on Monday, the fund’s chief investment officer, Kin Chan, told Reuters. The fund declined to say how many Toshiba shares it owns.

The first activist shareholder to openly voice opposition to the sale, Argyle is inviting the 30-plus overseas investors who participated in Toshiba’s recent 600 billion yen ($5.3 billion)new share issue to team up and is already in talks with at least three funds who share the same view, Chan said.

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