Newsletter
LISTING OF HOLDING COMPA-NIES CREATED BY SHARE EXCHANGE
In an interpretation dated 30 June 2004, the Ministry of Finance stated that when a single TSE- or OTC-listed company is converted into a newly incorporated investment holding company by a 100% share exchange in accordance with the Corporate Mergers and Acquisitions Act (CMAA), the original listed company will cease to be listed on the record date of the share ex-change, and the listing of the newly incorporated company will take effect on the same date, without the need to undertake the procedures for a public issuance of securities.
However, when multiple companies jointly es-tablish a single newly incorporated investment holding company by 100% share exchange under the CMAA, the new company must complete the procedures for incorporation registration or amendments to its corporate registration with the Ministry of Economic Affairs, as well as the procedures for a public issuance of securities and related listing procedures, before it can be listed.