TSE Urges Listed Firms to Ensure Full Disclosure
Tokyo, Sept. 1 (Jiji Press)–The Tokyo Stock Exchange urged all listed companies Monday to disclose in full information that may affect investor decisions, a step prompted by the lack of such information from failed real estate developer Urban Corp. .
Urban in late June announced plans to issue 30 billion yen’s worth of new shares to French financial giant BNP Paribas, but it did not give any follow-up information until it filed for bankruptcy in Aug. 13.
The company, listed on the TSE’s first section, actually raised only 9.2 billion yen, because there was another contract that allowed it to change the share issuance amount based on its share price.
The TSE said in its written request to listed firms that the exchange regrets the incident because investors were led to make misjudgments.END
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