Latest Tokyo Brief coverage on Nippon Sheet Glass Company,Limited, tracking filings, financial news, and market signals from Japan.
TSE:5202
Nippon Sheet Glass says payment for its third-party share allotment and the procedures required for a related share consolidation are finished, and its shares will leave the Tokyo Stock Exchange's Prime Market on September 28, 2026.
Lumina Japan Acquisition paid ¥165bn in cash, no borrowing, for a 72% stake in Nippon Sheet Glass at ¥450 a share, then pledged those same shares to a fourteen-bank lender group tied to refinancing the glassmaker's debt ahead of a September 30 squeeze-out.
A ¥165bn share allotment gave Lumina Japan Acquisition, an Apollo-advised holding vehicle capitalized at ¥5,000, 72.04% of Nippon Sheet Glass's votes on August 31, and a share consolidation now sets the company up to meet TSE Prime delisting criteria by September 28, with minority holders cashed out at ¥500 a share starting in late December.
Regulatory clearances are done for Apollo's ¥165.0bn recapitalization of Nippon Sheet Glass, and the company now has a dated sequence: payment on August 31, delisting on September 28, and a share consolidation on September 30 that leaves the Apollo-backed vehicle as sole shareholder.
Nippon Sheet Glass posted a small net profit last quarter on yen weakness and automotive pricing, but the real news is procedural: shareholders have approved Apollo's ¥165bn equity injection and lenders' separate ¥140bn debt-to-equity swap, with the company still targeting completion in the second half of the year to March 2027 pending regulatory sign-off.
The vote passed the authorized-share increase, share consolidation, share-unit rule changes and six-director slate behind a capital restructuring whose October and November milestones remain provisional pending competition, foreign-investment and Foreign Subsidies Regulation procedures.