Japanese technology firm Fujitsu today announced it will cease trading on the London Stock Exchange (LSE) to save...
The company applied for the delisting of its shares this morning, promising it would remain listed on the Tokyo and Nagoya stock exchanges.
“Fujitsu has decided to apply for the delisting to reduce the administrative work and costs associated with being a listed company on the LSE,” read a statement from the company.
“This delisting is not expected to have a material impact on shareholders and investors due to the low trading volumes of the Shares and EDR (European Depositary Receipts) taking place on the LSE.”
Fujitsu expects the process to be completed by the end of January 2014.
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The move follows a tough year for the firm, with falling sales and results showing losses at the company. In the UK, it also ruled itself out of lucrative deals bidding for BDUK broadband contracts with local authorities after it accused the process of being heavily weighted in BT’s favour.
Fujitsu also announced today it would be liquidating its US subsidiary Fujitsu Management Services of America, which in the past had been responsible for PBX phone systems, computer peripherals and hard disks but in recent years focused on scanners as its only hardware product.
This business is now being moved back to Japan to “create a more agile management structure,” and the support functions it offers to other Fujitsu Group companies in the US are to be split off.
The liquidation is expected to complete by March 2015.