Seibu Railway Co. said Friday it has abandoned efforts to get its shares listed on the Jasdaq over-the-counter market by the end of the current fiscal year.
The Tokyo Stock Exchange decided last month to delist shares of the scandal-hit railway Dec. 17, following the disclosure of bogus share-ownership reports dating back nearly five decades.
Seibu Railway had said it had wanted its shares listed on the Jasdaq by the end of March so that its shareholders could continue to trade.
"There are more problems than we expected (to qualify for listing), and it is very difficult to list the shares by the end of the fiscal year," Seibu Railway President Terumasa Koyanagi told a news conference.
Among other things, the firm said it does not have enough time to prepare necessary disclosure information pertaining to its parent company, Kokudo Corp. However, the firm said its goal of eventual listing has not changed.