4/86 SHARE LISTINGS

The Tokyo Stock Exchange has decided that it will adopt a policy making it easier to list on the Tokyo Stock Exchange the shares of the large foreign corporations and the shares of recently privatized former government corporations existing abroad. Present standards, including requirements for dividend payments for the three most recent business years and corporate existence of at least 5 standards would also make it easier to list recently privatized Japanese corporations such as cases ease the standards to one year of corporate existence and one year of dividend payments. The exchange hopes to increase the number of firms listed in Tokyo.

In this relation, British Telecom has announced that it plans to lists its shares on the Tokyo Exchange around the middle of 1986.. Another UK telecommunications firm, Cable and Wireless, Plc, will be listing its shares on the Tokyo Exchange in April, 1986.This will be the first British listing on the exchange and will bring the total of foreign listings on the exchange to 22. Commerzbank has announced that it will be the second German bank to have its shares listed on the Tokyo Exchange (Dresdner Bank is the first) when it lists its shares in May, 1986. . Merill Lynch has also decided to list its shares sometime in 1986. That will be the first foreign securities firm to list its shares on the Tokyo Exchange.

THE JAPAN LAWLETTER, April 1986, By Roderick Seeman