Eighteenth Bank Ltd. is seeking shareholder approval to carry out a 10-to-1 reverse stock split and to name two new directors on its board.
The Japanese bank will consolidate its shares as local exchanges aim to standardize the trading units of common stock of all listed companies to 100 shares. The bank will consolidate its common stock at a ratio of 10 shares to 1 share by Oct. 1. The total number of shares after the effective date is 41 million shares.
In addition, the bank named Tadahiro Motomura and Takeshi Fujii as outside directors. Motomura was representative director and president of Nagasaki Shimbunsha. Fujii is currently an adviser of Tokyu Research Institute Inc.
Shareholders will vote on the plan and appointments June 22 during an annual general meeting.
