-- Hisamitsu Pharmaceutical (TYO:4530) said shareholders approved proposals for a share consolidation and changes to its articles of incorporation at an extraordinary meeting, paving the way for its stock to be delisted, according to a Friday filing on the Tokyo Stock Exchange.
The company said its shares are expected to be designated as securities under supervision until May 10 and delisted on May 11 from the Tokyo, Nagoya and Fukuoka stock exchanges.
Hisamitsu Pharmaceutical said it will consolidate shares at a ratio of one share for every 23.5 million shares, reducing the total number of issued shares to three after the effective date.
The move is part of a transaction to take the company private, with fractional shares to be sold and shareholders receiving cash of 6,082 yen per share, subject to court approval.
The share consolidation is scheduled to take effect on May 13.