OSAKA -- Showpla Asia Ltd., a Singapore-based subsidiary and Asia headquarters of Showa Plastics Co., on August 29 became the first company to list on the foreign section of the Osaka Stock Exchange.
The foreign section was established last October with more relaxed listing requirements than those of the Tokyo Stock Exchange, with the aim of offering financing opportunities to small and medium-size firms in fast-growing Asia. It is open only to companies based in East Asia, excluding Japan, Southeast Asia and Oceania, but subsidiaries of Japanese companies in such regions are allowed to join.
Showpla Asia publicly offered 32 million shares for the listing, with the share's price opening at 31 yen and closing at 32 yen. At the end of OSE trading August 29, Teruyuki Nakagawa, managing director of Showpla Asia, said he was happy with the company's debut turnover -- 6.57 million shares.
Showa Plastics, an Osaka-based plastic components maker, set up Showpla Asia in Singapore in 1977 as its first overseas subsidiary. Reflecting the company's globalization strategy, some 50 percent of its main office functions have been shifted to Showpla Asia, which was listed on the Singapore Stock Exchange in 1995.