20-Sep-2012 8:18 AM

Japan Airlines relists on Tokyo Stock Exchange

Japan Airlines (JAL) announced (19-Sep-2012) its relisting on the Tokyo Stock Exchange on 19-Sep-2012, with shares climbing 1% to end the day at JPY3830, up from JPY3790, with more than 40 million shares changing hands, following its JPY663 billion (USD8.4 billion) IPO, according to local reports from Jiji Press, Mainichi Japan and Japan Times. "Listing our stock is just the starting line for us as a private company," JAL President Yoshiharu Ueki said, adding, "I'm not going to get caught up in where the stock is today. We will focus on boosting our corporate value through sound management and work to gain the trust of our shareholders." The carrier ended the day with a market value of USD8.8 billion, trailing only Air China, Singapore Airlines and Latam Airlines Group. The airline was priced at five times forecast earnings in the IPO, less than half the level that All Nippon Airways trades at. The JAL relisting, which occurred after a 31-month absence from the stock market after the carrier filed for bankruptcy protection, follows a significant restructuring that saw the airline shed more than a third of workers, retire older aircraft and eliminate unprofitable route. To meet the goal of reducing its operations by about one-third, the airline slashed jobs, withdrew from unprofitable routes and decommissioned inefficient aircraft. [more - original PR - Japanese]

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