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Japan Airlines to be relisted on 19 September

The Tokyo Stock Exchange (TSE) said on 3 August 2012 it had approved the relisting of Japan Airlines (JAL).

The carrier's stock will officially be listed on 19 September.

The government-backed Enterprise Turnaround Initiative Corporation (ETIC) will sell 175 million shares it holds in the airline, with the share price to be disclosed on 10 September, says JAL.

ETIC had invested yen (Y) 350 billion ($4.47 billion) in JAL over the past few years, keeping the carrier operational while it went through restructuring.

"We aim to repay the ETIC the Y350 billion they have invested in JAL and more," a spokeswoman said when contacted.

JAL, which successfully rebounded out of its 2010 bankruptcy, is understood to have made an application to be relisted in mid-June.

Media reports in Japan add that the carrier is expected to raise more than Y600 billion in the initial public offering.

A day before TSE's announcement, JAL released figures posting a net profit of Y26.9 billion in the first quarter of FY2012, more than double its Y12.7 billion in the corresponding quarter a year ago.

For the full year to 31 March 2013, the carrier is forecasting a net income of Y130 billion.

JAL filed for bankruptcy protection in January 2010 after racking up years of successive losses and huge debts, and requested for a government bail-out. Its shares were also delisted from the TSE, the Osaka Securities Exchange and Nagoya Stock Exchange.

The airline completed a court-led rehabilitation last March and posted a higher-than-expected full-year net profit of Y187 billion for the 2011 fiscal year.

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