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Mitsubishi Electric to Delist Shares on London Stock Exchange
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Neutral)
Tags
Rhea-AI Summary
Mitsubishi Electric Corporation (TOKYO:6503) announced plans to delist its common stock from the London Stock Exchange (LSE) due to low trading volumes, stating that the maintenance of its listing offers no significant benefit. The application for delisting will be filed in January 2023, with completion expected by early February 2023. The company emphasized that this action will have a negligible effect on shareholders. Mitsubishi Electric will continue its listing on the Tokyo Stock Exchange.
Positive
Delisting is viewed as a strategic move due to low trading volume on LSE.
The company will maintain its primary listing on the Tokyo Stock Exchange, ensuring continued accessibility for investors.
Negative
Very limited trading of shares on the LSE indicates low investor interest in the stock.
TOKYO--(BUSINESS WIRE)--
Mitsubishi Electric Corporation (TOKYO:6503) announced today that it has decided to apply for the delisting of its shares of common stock on the Official List of the Financial Conduct Authority (FCA), and the cancellation of the admission to trading of its common shares on the Main Market of the London Stock Exchange (LSE), in view of the very limited number of company shares being traded on the LSE, maintaining the listing would offer no significant benefit, and the delisting would have negligible effect on the company’s shareholders or other investors. An application will be filed with the LSE within January 2023 and the delisting is expected to be completed by the beginning of February 2023. Mitsubishi Electric will continue to maintain its listing on the Tokyo Stock Exchange.
About Mitsubishi Electric Corporation
With more than 100 years of experience in providing reliable, high-quality products, Mitsubishi Electric Corporation (TOKYO:6503) is a recognized world leader in the manufacture, marketing and sales of electrical and electronic equipment used in information processing and communications, space development and satellite communications, consumer electronics, industrial technology, energy, transportation and building equipment. Mitsubishi Electric enriches society with technology in the spirit of its “Changes for the Better.” The company recorded a revenue of 4,476.7 billion yen (U.S.$ 36.7billion*) in the fiscal year ended March 31, 2022. For more information, please visit www.MitsubishiElectric.com
*U.S. dollar amounts are translated from yen at the rate of ¥122=U.S.$1, the approximate rate on the Tokyo Foreign Exchange Market on March 31, 2022
