NTT DoCoMo rethinks London listing
Worried about value of foreign investments
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NTT DoCoMo, the Japanese mobile company famous for the success of its i-Mode mobile system, is reconsidering listing on the New York and London stock exchanges, reports the FT.
The company had planned to list next month to get itself known internationally and expand its financial options but is concerned about the recent drop in technology shares. As such, it is now revaluing current investments in Europe and the States.
For example, it paid £5.75 billion for a 16 per cent stake in AT&T Wireless, another £2.3 billion for a 15 per cent stake in KPN Mobile and another £1.2 billion for a 20 per cent stake in UK 3G licence holder Hutchison.
Since telecoms stocks in particular have taken a battering recently, DoCoMo is considering a complete rethink to make sure it doesn't overstretch itself at a delicate time for the market. ®
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