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To: Don Green who wrote (880)	5/26/2002 11:57:35 PM
From: Don Green	Respond to of 49135

Record No. Of Firms Delisted From Tokyo, Osaka Bourses Monday, May 27, 2002 TOKYO (Nikkei)--A record 78 companies have left or plan to leave the Tokyo Stock Exchange and Osaka Securities Exchange this year, surpassing the previous record high of 53 for all of last year, The Nihon Keizai Shimbun has learned. Those already delisted or slated to be removed from the first and second sections of the Tokyo bourse by the end of 2002 total 64, up from 44 for 2001. The figure at the Osaka exchange is 14, up five. The number of companies going public on the three markets for emerging firms, by contrast, is increasing, suggesting that older and ailing companies are being replaced by younger newcomers in the business community. One reason for the rising number of delisted companies is that many established corporations are taking total control of listed subsidiaries. Of firms that have been delisted or slated for removal from the Tokyo and Osaka exchanges this year, some 70% are due to become wholly owned subsidiaries of their parent companies. Komatsu Ltd. (6301), for example, is scheduled to turn Komatsu Zenoah Co. (7204) and Komatsu Forklift Co. (7225) into wholly owned subsidiaries in October, with a view to enhancing managerial efficiency. Matsushita Electric Industrial Co. (6752) plans to do the same for four listed subsidiaries, including Matsushita Communication Industrial Co. (6781) and Matsushita Seiko Co. (6587), by the end of September. Nippon Yusen K.K. (9101) plans a similar measure for Tokyo Senpaku Kaisha Ltd. (9151) in August. Such restructuring is proceeding across the boundaries of corporate groups. Kyocera Corp. (6971), for example, is due to take over Toshiba Chemical Corp. (4232) in August, in order to bolster its electronic materials and parts business. In addition, many listed companies are going under due to the prolonged recession. Among 20 such firms that have been delisted from the Tokyo and Osaka bourses as a result of bankruptcy this year are Sato Kogyo Co., Dai-Ichi Katei Denki Co. and Niko Niko Do Co. Mid-size audio-visual equipment maker Shintom Co. was delisted after seeing its liabilities exceed assets for the third consecutive year. On the other hand, some 150-160 companies are going public on the Jasdaq, Nasdaq Japan and TSE Mothers markets this year, close to the 150 range for three years in a row. (The Nihon Keizai Shimbun Monday morning edition)