TOKYO, Jul 05 (NHK) - Japanese e-commerce giant Rakuten Group says its securities subsidiary has applied to be listed on the Tokyo Stock Exchange. It's the company's latest move to bolster its overall financial health and offset losses from its struggling mobile phone business.
The group announced that Rakuten Securities Holdings applied for the listing on Tuesday. It says the move will allow the subsidiary to "consider various growth and financial strategies" with greater autonomy.
Rakuten has struggled to raise cash following aggressive investments in its mobile phone business. The firm spent 1 trillion yen, or nearly 7 billion dollars, to set up base stations for its cellular network.
But the service has been unable to take market share away from Japan's three major carriers and is not turning a profit. ...continue reading
Source: ANNnewsCH