Softbank Listed on Tokyo Exchange
TOKYO (AP) _ Softbank Corp., a major Japanese distributor of computer software, listed its shares on the Tokyo Stock Exchange today despite a sluggish domestic computer market.
With the listing, Softbank became the first Japanese company listed on the exchange’s first section without being having ever been placed on the less prestigious second section, an exchange official said.
Softbank stocks have been traded in the over-the-counter market since July 1994.
The number of shareholders, capital and liquidity are among major factors considered for listing a company.
Softbank was established in 1981 and employs 1,078 workers.
Softbank shares opened at 3,700 yen ($28.6) per share in Friday’s first day of trading.
In 1995, Softbank acquired Ziff-Davis Publishing Co. of the United States, the world’s largest computer trade publisher, for $1.8 billion.
Softbank in 1996 tied up with Australian conglomerate News Corp. to launch a multi-channel satellite broadcast venture in Japan, scheduled to start in April.
In its first consolidated earnings report, Softbank reported 2.3 billion yen ($17.8 million) in net profit on sales of 224.8 billion yen ($1.74 billion) in the latest six-month period, which ended September 1997.