June 24, 2008 / 9:19 AM / in 10 years

Boeing, BP to delist shares from Tokyo bourse

TOKYO, June 24 (Reuters) - Boeing Co (BA.N) and BP Plc (BP.L) said they planned to remove their shares from the Tokyo Stock Exchange [TSE.UL], adding to a string of withdrawals by foreign companies from the world’s No.2 share market.

The number of foreign listings on the TSE has dropped to 25 from a peak of 127 in 1991, hit by falling turnover since Japan’s asset bubble burst in early 1990s and as globalised share trading platforms have made it easier for investors to trade outside their national exchange.

On the TSE on Tuesday, shares in aircraft maker Boeing went untraded while just 2,400 shares in oil firm BP were traded.

As U.S. and European firms leave, the TSE has case its eye towards neighbouring Asian countries to try to attract new offshore listings, a TSE spokesman said.

The exchange opened an office in Beijing this year to promote listings by Chinese companies.

The annual listing fee on the Tokyo exchange is quite small but listed companies face the cost of translating their announcements into Japanese.

Boeing, which debuted on the TSE in 1990, said it no longer needed to have its shares listed in Japan as investors had increased access to trading of offshore stocks and to information on the Internet.

BP said it applied to end 21 years of trading in its shares on the TSE because of a shrinking base of investors in Japan and because trading volumes had shriveled up.

In the past year, the U.K. oil giant said it had also delisted its shares from the NYSE Arca and Chicago exchanges and is in the process of delisting from the Swiss bourse. (Reporting by Yumiko Nishitani; Editing by Rodney Joyce)

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