The Tokyo Stock Exchange said Tuesday it will delist shares of Seibu Railway Co. on Dec. 17 because the company has been falsifying its shareholder records for nearly 50 years.
The railway operator announced later in the day, however, that it will apply to have its shares listed on the Jasdaq over-the-counter market by the end of March.
"We decided to delist Seibu Railway's shares," TSE President Takuo Tsurushima told a regular news conference. "There were problems that should be considered a breach of investors' trust."