Japan Airlines riding high on Tokyo bourse relisting
Published on Sep 19, 2012 11:02 AM
TOKYO (AFP) - Japan Airlines (JAL) marked a spectacular return from bankruptcy when its shares took off after relisting in Tokyo on Wednesday, three years after it became one of the nation's worst ever failures.
The carrier jumped to 3,905 yen, up 3.03 per cent on the offer price, in early trade following an offering that raised around $8.5 billion, the second biggest in the world this year after Facebook.
It lost a little altitude as the morning went on, but remained at a premium to the offering.
JAL's rebirth marked a stunning turnaround for the airline after it crashed into insolvency, owing 2.3 trillion yen (S$35.9 billion), one of Japan Inc's most costly corporate meltdowns.
To continue reading, log in if you are a subscriber
Enjoy 2 weeks of unlimited digital access to The Straits Times. Get your free access now!