NEC To Delist On European Exchanges

SAN JOSE, Calif. — Troubled NEC Corp. on Thursday (Dec. 29) said that it plans to apply for delisting of its ordinary shares and depositary receipts from the London, Euronext Amsterdam, Frankfurt and Swiss stock exchanges.

Japan’s NEC said it has decided to “delist” its shares from those exchanges “because such delisting would not affect its shareholders and investors and trading volume of its shares on these stock exchanges is substantially small.”

NEC will begin applying to each stock exchange for delisting in January 2006.

The company will remain listed on the Tokyo Stock Exchange, the Osaka Securities Exchange, the Nagoya Stock Exchange, the Sapporo Securities Exchange, the Fukuoka Stock Exchange, and the Nasdaq National Market.

In October Kaoru Tosaka, president and chief executive of NEC Electronics, stepped down amid mounting losses for the semiconductor and electronics giant.