Japan's Firms Earn $57 Billion in Latest Divestment Spree [Yahoo! Finance]
TOKYO GAS CO LTD UNSP/ADR (TKGSY)
NASDAQ:AMEX Investor Relations:
tokyo-gas.co.jp/ir/english/library/earn_e.html
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Source: Yahoo! Finance
Many of Japan's largest listed firms are conglomerates that include diverse businesses. But their market value is below the value of the separate businesses, the so-called conglomerate discount, as Nikkei Asia reports The drive to boost market value and return on investment has led to a shift in strategies among Japanese firms in recent years. In addition, the Tokyo Stock Exchange has introduced new regulations aiming to improve capital efficiency, shareholder value, overseas investment, and accountability for management. As a result of these regulatory changes and a shift in corporate mindset, Japanese conglomerates have been selling off subsidiaries, affiliates, and stakes in projects to divest from less profitable and non-strategic assets. Over the past three years, these divestments have earned Japanese listed firms $56.8 billion (8 trillion Japanese yen), according to cash flow statements compiled by Nikkei. Some of these asset and unit sales have taken place in the en
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