AFX News Limited
Japan's NEC sets spin-off of Biglobe Internet unit for July 1
03.28.2006, 04:49 AM



TOKYO (AFX) - NEC Corp said in a statement it has decided to spin off its Biglobe Internet service provider business and will also seek a capital injection for the ISP in order to boost the business.

The statement said NEC will spin off Biglobe on July 1.

The new firm, to be named NEC Biglobe, will initially have paid-in capital of 4.0 mln yen but it will privately place shares to NEC Corp, Sumitomo Corp, Daiwa Securities Group Inc, Sumitomo Mitsui Banking Corp, Dentsu Inc and Hakuhodo Inc boosting the capital base to 10.35 bln yen by the end of July this year.

When the recapitalisation is completed, NEC Corp will hold a 78 pct stake in Biglobe, with Sumitomo Corp, holding 7 pct, Sumitomo Mitsui Banking and Daiwa Securities 5 pct each and Dentsu and Hakuhodo 2.5 pct stakes each.

Biglobe now has 4.4 mln subscribers and is the fourth-biggest ISP in Japan after Nifty Corp, Softbank BB Corp and NTT Communications Corp.

Yasuhiko.Seki@Xfn.com

ys/mb





















Neither the Subscriber nor AFX News warrants the completeness or accuracy of the Service or the suitability of the Service as a trading aid and neither accepts any liability for losses howsoever incurred. The content on this site, including news, quotes, data and other information, is provided by AFX News and its third party content providers for your personal information only, and neither AFX News nor its third party content providers shall be liable for any errors, inaccuracies or delays in content, or for any actions taken in reliance thereon.


1 of 1


Article Controls



Related Sections
Home > News & Analysis



News Headlines | More From Forbes.com | Special Reports
   
Subscriptions >

Free Trial Issue of Forbes Forbes Gift Subscription
Subscribe To Newsletters Subscriber Customer Service
Buy Audio Version of Forbes




  
Trading Center
Brought to you by the sponsors below
 
 

CEO Book Club more >
The Philosopher Kings Of Hedging
The Philosopher Kings Of Hedging
Steven Drobny reveals insights from the hedge fund all-stars.
READ REVIEW          BUY THIS BOOK
Laissez Faire In The Studio
Dunstan Prial
At Columbia Records, John Hammond made some of the greatest discoveries in American music.
READ REVIEW          BUY THIS BOOK
Search Books


Advanced Search |  New & Notable

 
  
 
    

 
SitemapHelpContact UsInvestment NewslettersForbes ConferencesForbes MagazinesForbes Autos
Ad Information   Forbes.com Wireless   RSS   Reprints/Permissions   Subscriber Services  
© 2006 Forbes.com Inc.™   All Rights Reserved   Privacy Statement   Terms, Conditions and Notices


Stock quotes are delayed at least 15 minutes for Nasdaq, at least 20 minutes for NYSE/AMEX. U.S. indexes are delayed at least 15 minutes with the exception of Nasdaq, Dow Jones Industrial Average and S&P 500 which are 2 minutes delayed.


Powered By