Tuesday, February 26, 2013
Wacoal To Bow Out Of Nasdaq
OSAKA (Nikkei)--Wacoal Holdings Corp. (3591) said Monday that it will delist its American depositary receipts from the Nasdaq Stock Market in view of the growing convergence of Japanese and U.S. regulations on disclosure and internal controls.
The firm will apply for delisting in mid-April and expects to be removed shortly thereafter. It also plans to terminate its registration with the U.S. Securities and Exchange Commission in late July.
A decrease in outstanding ADRs, coupled with a sharp rise in foreign investors' transactions on Japanese markets, mean that the company can no longer justify the cost and administrative burden of being listed on the U.S. market.
The company plans to maintain the ADR program after delisting from Nasdaq, so its ADRs will still be traded in the U.S. Wacoal will continue posting consolidated statements in English under U.S. accounting standards on its website so that investors can compare previous statements.
(The Nikkei, Feb. 26 morning edition)