Japan Airlines Looking To Relist Shares

 

Japan Airlines Looking To Relist Shares

Japan Airlines Looking To Relist Shares

Japan Airlines is looking to relist its shares on the Tokyo Stock Exchange in mid-September, business daily Nikkei reported.

JAL plans to file an application with the TSE as early as this month to relist its shares, and will make preparations assuming that its application will be approved on August 16, and that its shares will start trading on September 19, Nikkei said.

At the time of relisting, JAL will be valued at nearly JPY¥600 billion (USD$7.57 billion) to JPY¥700 billion, beating rival All Nippon Airways’ current total market value of about JPY¥550 billion, the Japanese daily said.

The government-backed Enterprise Turnaround Initiative Corporation of Japan (ETIC), which has invested about JPY¥350 billion (USD$4.42 billion) in JAL, aims to sell off about 96 percent of its stake by January 2013 once the stock is relisted, the daily reported.

Receiving debt forgiveness and public fund assistance, JAL had embarked on large-scale business restructuring efforts, including 16,000 job cuts, the Nikkei said.

(Reuters)



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