Asian firms to list in Tokyo

Asian firms to list in Tokyo

TOKYO (AFP): Malaysia's YTL Corp. Bhd. will list on the foreign stock section of the Tokyo Stock Exchange (TSE) in February, becoming the first Asian company to debut on the Tokyo market, newspapers said Saturday.

About five other Asian companies, including Indonesia's PT Dharmala Intiutama and an unnamed Chinese company, are expected to be listed on the TSE in 1996, the Nihon Keizai Shimbun reported.

The TSE hopes that the listing of YTL, the first new issue in three years, will revitalize its foreign stock market, which has been suffering under a prolonged recession, the Nihon Keizai Shimbun and several other dailies said.

YTL, Malaysia's premier construction group, will issue 10 million shares, worth about five billion yen (US$49 million), the Nihon Keizai said.

PT Dharmala Intiutama, an Indonesian holding company that owns financial firms and trading houses, is expected to make a simultaneous debut on the TSE and the Jakarta Stock Exchange in the second half of 1996, the Nihon Keizai said.

New Japan Securities Co. Ltd., will serve as the chief underwriter for the Tokyo issue, it said.

Also, Nomura Securities Co. Ltd., another major Japanese brokerage house, is said to be preparing to underwrite the listing of another Indonesian company on the TSE, the Nihon Keizai said.

economy," Xinhua quoted the analysts as saying.