GMO Financial Gate secures approval to list on Tokyo Stock Exchange
GMO-FG, a subsidiary of GMO Internet, offers payment processing services for offline payment, such as credit cards and debit cards.
GMO Internet Inc. (TYO:9449) today announces that the listing of common stock of its subsidiary GMO Financial Gate, Inc. (GMO-FG) on the Mothers (Tokyo Stock Exchange) was approved by Tokyo Stock Exchange, Inc. GMO-FG, a consolidated subsidiary and second-tier subsidiary of GMO-PG and GMO Internet, respectively, offers payment processing services for offline payment, such as credit card and debit card.
Regarding the rationale for the listing of GMO-FG’s shares, GMO Internet explains that the business opportunities in the offline market in which GMO-FG operates have expanded significantly, thanks to the government’s move to tackle the issues of improving the security of cashless payments and to increase cashless penetration.
The move is also seen to enable GMO-FG’s medium to long term sustainable business growth and its ability to fulfill vital roles and responsibilities as part of the offline payment infrastructure.
GMO-PG will maintain majority ownership of the common shares of GMO-FG after its listing, as GMO-PG believes that pursuing group-wide synergies to promote their business will be conducive to raising overall corporate value. While GMO-FG is intended to remain as a consolidated subsidiary, their independent management will be honored and the support provided for the management to be self-reliant. Additionally, through the listing, GMO-PG expects to enhance the corporate value of GMO-FG through more direct engagements with various stakeholders.
GMO Internet supports GMO-PG’s holding in GMO-FG.
The impact of this listing on the consolidated business performance is insignificant as GMO-FG will remain a consolidated subsidiary (second-tier subsidiary) of GMO Internet after the listing of its common stock.
