Discontinuation of Operations of Nasdaq Japan, Inc.Aug. 16, 2002
Nasdaq Japan, Inc. (Headquarter: Minato-ku, Tokyo; President and Representative Director: Yoshiro Katsuya; “Nasdaq Japan” hereinafter) resolved to discontinue operations in an extraordinary meeting of the board of directors held today. Nasdaq Japan is an equity-method subsidiary of SOFTBANK CORP., which holds a stake of approximately 43% in the company.
The decision to discontinue the operations of Nasdaq Japan was in response to a request by Nasdaq Stock Market, Inc. of the United States.
SOFTBANK CORP. became involved in the creation of the Nasdaq Japan market because of a desire to promote greater activity on domestic securities markets and contribute to the development of venture and smaller enterprises. We therefore view the discontinuation of Nasdaq Japan’s operations with great regret.
We are determined to do everything that we can for the stability and continuity of the Nasdaq Japan market and wish to work in consultation and cooperation with those involved so as to avoid unnecessary turmoil at listed companies and their investors.
SOFTBANK CORP. invested a total of approximately 1.2 billion yen in Nasdaq Japan, and the impact on our results of the decision to close the market will be limited to the amount of this investment. The decision will not affect SOFTBANK CORP.’s fund-raising or financial activities.
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