Exclusive FNG… FNG has learned that Japanese exchange operator Japan Exchange Group has decided to delist shares of INV Inc (TYO:7338) from the Tokyo Stock Exchange. The deletion took effect from April 25, 2024.
INV Inc operates Australia-based, ASIC-licensed services firm 26 Degrees Global Markets, which accounts for around half of its total income. 26 Degrees was rebranded by Invast Global last year. The company also operates Japan-based businesses that include online brokerage Invast Securities at invast.jp and a Japanese asset management arm, Invast Capital Management Co.
At the time of its delisting, INV Inc had a market capitalization of JPY 7.03 billion, or US$46 million.
The Japan Exchange Group said the delisting of INV Inc is due to a case where the company implements a reverse stock split with a split ratio in which the number of all shares owned by shareholders other than a certain part will be less than one share.
At INV Inc’s general meeting of shareholders held at the end of March, an agenda item was approved regarding a reverse stock split with a split ratio in which each of the shares held by shareholders other than specified entities will be less than one share .
For the nine months ended December 31, 2023 (the company has a March 31 fiscal year end), INV Inc reported revenue of JPY 4.976 billion (US$32 million), up 11% from 2022, and Net Income of JPY 190 million ($1 million). In FY2023 INV Inc reported annual revenue of JPY 6.005 billion (USD 39 million) and net profit of JPY 199 million (USD 1 million). INV Inc is led by Chairman and CEO Takeshi Kawaji (who is also a Director at 26 Degrees), while 26 Degrees is led by CEO Gavin White, who also served as a Director of INV Inc until 2023.