Recruit to seek listing on TSE possibly in ’13

Kyodo

Job information provider Recruit Co., which was rocked by a shares-for-favors scandal in the 1980s, plans to list on the Tokyo Stock Exchange as soon as fiscal 2013.

The move is aimed at diversifying ways to raise funds for expanding its human resources-related business in Japan and abroad, company officials said Monday.

Recruit is scheduled to reorganize in October under a holding company structure and will then seek to list the holding company.

Recruit, founded in 1960 by Hiromasa Ezoe, started out publishing a job information magazine for university students and quickly expanded.

But in the 1980s, Ezoe was involved in the scandal in which shares in a Recruit subsidiary planning to go public were given to top political and business leaders, many of whom earned handsome profits. It led to the resignation of the entire Cabinet of Prime Minister Noboru Takeshita.