- POSTED: 30 Jul 2014 18:59
Sony said Wednesday (July 30) it would delist its shares from the London Stock Exchange after 44 years because of thin trading volume. It said it will still trade in Tokyo and New York.
TOKYO: Sony said Wednesday (July 30) it would delist its shares from the London Stock Exchange after 44 years because of thin trading volume, following a series of pullouts by other Japanese firms. The consumer electronics giant, which said its stock would still trade in Tokyo and New York, was listed in London in 1970. The changes would happen around the end of August, it said.
"The listing of our shares on the London Stock Exchange has become less economically rational because of low trading volume," a company spokesman said.
Sony is undergoing a painful restructuring and is expected to remain in the red for another year after booking a US$1.26 billion loss for the latest fiscal year.
Other Japanese companies, including Toshiba, Fujitsu and mobile carrier NTT Docomo, have withdrawn from the London market as they seek to cut costs associated with listing shares on an exchange where there is little investor appetite.