TOKYO (Reuters) – Japan’s Rakuten Group has decided not to seek a listing for Rakuten Securities on the Tokyo Stock Exchange, the company said on Thursday.
The struggling e-commerce giant had said in November that it had temporarily withdrawn its application to have the securities unit go public, but that it planned to reapply at an appropriate time.
In a statement, Rakuten said its board decided on Thursday to instead deepen its collaboration with major shareholder Mizuho Securities and other companies within the Mizuho Financial Group.
Mizuho in November said it would invest 87 billion yen ($560 million) in Rakuten Securities, lifting the group’s stake to 49% from just under 20%.
($1 = 154.4500 yen)
(Reporting by Chang-Ran Kim; Editing by Himani Sarkar)
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