OSAKA -- The Osaka Securities Exchange on Tuesday formally decided to convert itself into a share-issuing company from a membership organization on April 1.
The decision, subject to approval by the Financial Services Agency, was made at an extraordinary general assembly of member brokerage houses, exchange officials said.
The OSE as a joint-stock company will issue 310,000 shares, of which 79,200 will be allocated to 99 member securities houses, they said. The face value of a share will be 50,000 yen.
OSE President Goro Tatsumi is due to become president of the new stock company on April 2. Hirotaro Higuchi, former chairman of Asahi Breweries Ltd., will assume the post of chairman.
The new company will have 17 directors and three auditors, the officials said.
Conversion into a share-issuing company will enable the OSE to speed up its decision-making process and raise funds more flexibly, the officials said.