Tokyo, Oct 31, 2008 (Jiji Press) - Hulic Co. <3265>, which provides property rental and insurance agent services, will make its debut on the Tokyo Stock Exchange's first section on Nov. 11.
The company will use the proceeds from the initial public offering to purchase properties. It will be the first company this year to go directly to the TSE's first section.
The Tokyo-based firm was established in March 1957. As of the end of last December, the company owned 71 commercial rental properties in the Tokyo metropolitan area and major local cities. Of the total, 80 pct are located near stations and 70 pct rented to Mizuho Financial Group Inc. <8411>.
For the year ending in December, Hulic expects group sales of 32.2 billion yen, up 8.3 pct from the previous year, an operating profit of 14.9 billion yen, up 3.9 pct, and a net profit of 6.3 billion yen, up 35.7 pct.
Copyright © 2010 JCN. All rights reserved. A division of Japan Corporate News Network KK.
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