Japan’s Rakuten Group announced on Thursday that it has decided against pursuing a listing for Rakuten Securities on the Tokyo Stock Exchange.
The struggling e-commerce giant had initially withdrawn its application in November, stating its intention to reapply at a later time. However, in its latest statement, Rakuten said its board has opted to strengthen collaboration with major shareholder Mizuho Securities and other companies within the Mizuho Financial Group instead.
In November, Mizuho announced an 87 billion yen ($560 million) investment in Rakuten Securities, increasing its stake from just under 20% to 49%.
($1 = 154.45 yen).
