The Tokyo Stock Exchange has announced it will delist scandal-ridden Snow Brand Foods Co. from its second section on April 30, instead of the initially planned May 23.
The exchange said it made the decision in line with the company’s decision Tuesday to dissolve on April 30.
The last day the company’s shares will be traded at the exchange’s liquidation post will be April 29, it said.
The decision by Snow Brand Foods’ board of directors to disband on April 30 came three months after the firm deliberately mislabeled beef products, causing a public uproar.
The company, a subsidiary of Snow Brand Milk Products Co., has since taken a string of hits from the loss of public trust, including cancellation of business contracts and falling share prices.
It has admitted passing off imported beef as domestic to benefit from a government buyback program introduced after the discovery of mad cow disease in Japan in September.
The plan, introduced in October, had the government buy back and incinerate about 12,600 tons of domestic beef from cows butchered before nationwide testing for mad cow disease started Oct. 18.
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