Tokyo close up 2000 yen to 18,100 yen or $168. From Nikkei Net:
Friday, May 26, 2000
Softbank To Offer Stock In Holding Companies
TOKYO (Nikkei)--Softbank Corp. (9984) plans to list the stock of its five group holding companies which oversee subsidiaries in particular business sectors, sources close to the matter said Thursday.
The company intends each holding company to assume full responsibility for developing their business areas by focusing on subsidiaries and affiliates with rapidly expanding operations.
The Internet investor will use funds raised through public offerings of the holding companies' stock to further invest in Net-related start-ups with high growth potential.
The five holding companies include Softbank Finance Corp., responsible for financial business, Softbank E-Commerce Corp., which oversees electronic commerce operations, and Softbank Media & Marketing Corp., in charge of publishing.
Softbank Finance is expected to be the first to list, going public by the end of next March. It supervises more than 10 subsidiaries, such as E*Trade Japan KK, which offer insurance, leasing, lending and other online financial services.
Until now, the parent company has tried to maintain 100% control over the holding companies, while selling shares in their subsidiaries and itself.
It is very unusual for both a parent firm and holding company to be publicly traded.
On Thursday, Softbank-affiliated Morningstar Japan KK obtained approval to list on Nasdaq Japan.
(The Nihon Keizai Shimbun Friday morning edition) |
