Wednesday, May 26, 2004 at 04:00 JST
TOKYO; Aozora Bank has dropped its target of being listed on the Tokyo Stock Exchange by the end of fiscal 2005 because of affluent capital, its president said Tuesday.
"We have enough shareholders' equity at present, and the current management's mission is how to use it to boost profitability," Hirokazu Mizukami said. (Kyodo News)
What bull. A stock exchange listing is a major strategic move and you don't back away because you decide you have "enough shareholder's equity" unless you are very bad at planning.
Listing in this case was supposed to be an exit strategy for Cerberus. Looks like the bank just isn't ready to make its income statement and forecasts public.