If Softbank can transform a mundane Company like Pasona into an Internet Company and Stock, We are going to have to award Son The Magician of the Year Award.<G>. (I think He'll pull it off.)
Friday, May 28, 1999
New Issue: Pasona Softbank To Go Public On OTC
TOKYO (Nikkei)--Pasona Softbank Inc. (4721), a temporary staffing agency, will go public on the over-the-counter market on June 11.
Funded by Softbank Corp. (9984) and Pasona Inc., Japan's leading employment agency, the firm registers many technical and professional employees in information technology, finance and languages.
Unlike other temp agencies with mainly female staffers, men account for 51% of Pasona Softbank's 102,000 registered workers. And its fiscal 1997 pretax profit was "the highest in the industry," President Takashi Eguchi says.
Pasona Softbank is now "stressing Internet-related areas," Eguchi says. It is strengthening outsourcing services for corporations in order to cope with competition and the recession.
In fiscal 1998, Pasona Softbank posted 910 million yen in pretax profit, down 32% on the year. In fiscal 1999, pretax profit is expected to fall by 13% to 790 million yen. The company plans to tap the money raised via the IPO to pay back debts.
Initial public offering: 500,000 shares
Secondary sales: 2 million shares
Offering period: June 3-June 8
Issue date: June 10
Lead Manager: Nomura Securities Co.
(The Nikkei Financial Daily Friday edition)
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