U.S. beverage maker PepsiCo Inc. said Monday it has applied to delist from the first section of the Tokyo Stock Exchange due to the small number of shareholders in Japan who hold its stock.

The TSE will move PepsiCo stock to the monitoring post Tuesday to inform investors of its delisting, expected May 19. PepsiCo listed on the bourse in November 1986.

The firm, based in New York state, said the cost of maintaining the listing can no longer be justified.

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