esource from: Nikkei Asian Review 16 Nov,2015
TOKYO -- Major bearing components manufacturer Tsubaki Nakashima plans to relist on the first section of the Tokyo Stock Exchange around December after an eight-year hiatus.
The TSE is expected to approve the move possibly this week. The Japanese precision parts maker, owned by U.S. investment fund Carlyle Group, plans to enhance its financial footing to speed up expansions abroad.
The company delisted from the bourse after a 2007 buyout by management and employees. It has been strengthening profitability following its acquisition by Carlyle in 2011.
The manufacturer does not plan to issue new shares when relisting. Instead, Carlyle will release some of its holdings to investors in and outside Japan. The fund will stay on as a major shareholder to continue offering advice on management.
Tsubaki Nakashima produces ball bearings for automobiles and general machines, maintaining six production bases in countries including Japan, the U.S. and China. It had tried to relist on the bourse in 2012 but postponed the move due to a stock market slump at the time.
The manufacturer decided to go public this time after a further recovery in its performance. Led by growing sales of parts for automobile engines and electronic components, the company logged group revenue of 36 billion yen ($290 million) for the year ended December 2014, up 14% on the year.
(Nikkei Asian Review)