LSE offloads Tokyo Aim stake to TSE

LSE offloads Tokyo Aim stake to TSE

The Tokyo and London stock exchanges are bailing out on their joint venture market for growing companies in Japan, with the TSE agreeing to buy out its former partner.

Based on the LSE's Aim market, Tokyo Aim launched in 2009, offering alternative funding options for young firms, posing less onerous listing and disclosure requirements than the main TSE platform.

However, the JV - 51% owned by the TSE and 49% by the LSE - has seen just one company list so far, prompting the London operator to sell up for an undisclosed sum.

Despite insisting only yesterday that there was "no factual basis" for press reports claiming the partnership was being dissolved, in a statement the TSE now says it is taking 100% ownership of the venture and rebranding it Tokyo Pro Market.

Atsushi Saito, president and CEO, TSE, says: "We are thankful for having had access to the London Stock Exchange's great experience through jointly operating Tokyo Aim...We look forward to continuing and expanding our offering of attractive funding and investment opportunities as a 'multi-asset' exchange with global reach."

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