Nasdaq Japan Downplays Outside Investment Speculation

Published June 21st, 2000 - 02:00 GMT

Nasdaq Japan Inc., a freshly launched bourse for start-up firms, said Wednesday it would welcome new investment but downplayed a report that Japan's top three brokerages were already on board. 

"It is a known fact that we are going to seek third-party investment," said a spokeswoman for the Osaka-based market, a counterpart to the technology-laden Nasdaq in the United States.  

"But I cannot confirm at this time the validity of the article," she said. 

The Nihon Keizai Shimbun said Japan's three biggest brokers had already agreed to take stakes in Nasdaq Japan, which started trading Monday. 

Nomura Securities Co. Ltd., Daiwa Securities Group Inc. and Nikko Securities Co. Ltd. would contribute to the several billion yen (millions of dollars) that the bourse wants to raise in new capital, the paper said. 

Nikko Securities was willing to cooperate with Nasdaq Japan but no decision had yet been made over an investment, said a spokesman for Japan's third biggest brokerage house. 

Nomura, the top securities firm, and Daiwa Securities both denied they had received any request from Nasdaq Japan to take a stake. 

"Although there is a chance we would in the future, we have no plans at the moment as we have yet to receive any request," said Nomura spokesman Daiyu Suzuki. 

Daiwa spokeswoman Yoko Takazawa said: "We have not discussed the matter as there has not been an official request from the company."  

On the new Nasdaq market's third day of trading, four of its eight listed firms advanced and four went down.  

The biggest gainer was network solutions firm Digital Design Co. Ltd., whose share price increased 400,000 yen or 16.2 percent to 2.8 million yen. 

Internet service provider Masternet Co. Ltd. was the worst performer, losing 200,000 yen or 13.3 percent to 1.3 million -- TOKYO (AFP) 

 

© 2000 Al Bawaba (www.albawaba.com)

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