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Shareholders of the Tokyo Stock Exchange on Tuesday approved the bourse’s plans to buy back up to 8.5 billion yen of its stock.

The approval came at the TSE’s second general meeting of shareholders, mostly brokerages eligible to trade on the TSE.

The TSE transformed itself into a stock company from a nonprofit membership organization of brokerage houses in November 2001. At the time, it allocated 20,000 shares to each member brokerage.

Following the meeting, about 10 brokerages, including second-tier brokerages and foreign securities houses, are expected to sell their shares, TSE officials said.

The number of shares to be sold has yet to be finalized, they said.

The TSE plans to list itself on the bourse in fiscal 2005 to have a wide range of investors purchase shares to be bought back from the brokerages, the officials said.

All 119 shareholders attended the meeting, which started at 10 a.m. and ended 43 minutes later without any questions being asked.

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