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Confirmed: Kanebo to be delisted

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by Brian Turner
Confirmed: Kanebo to be delisted

As a consequence of deliberate and serious misstatements of financial information, the Tokyo Stock Exchange announced Thursday that it will delist household goods manufacturer Kanebo, effective June 13.

This move has been expected since accusations of inflated sales figures surfaced last October.

Even before the announcement after the close of trade Thursday, no one was interested in buying shares of the company even though investors were trying to sell them for ¥453 per share, well off their peak worth of ¥1,670, reached last September.

The president of the Tokyo Stock Exchange said that Kanebo could get its listing back after a year if it met certain requirements for restructuring with the help of the Industrial Revitalization Corporation of Japan, run by the government.

Kanebo is currently being reorganized by the IRCJ, which called the delisting “regrettable.”

Kanebo is not the first company to be delisted by the Tokyo exchange for financial improprieties; last year, Seibu Railway was delisted after admitting that it had given shareholders false information.

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News posted: May 12, 2005

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