By Jason Clenfield
Feb. 21 (Bloomberg) -- Fuji Seiki Co., a Japanese maker of injection molds for products including ballpoint pens, denied it’s in danger of failing after media reports that language in exchange filings indicated the company may run out of credit.
“We’re not at risk of bankruptcy,” said Tetsuya Saito, head of business planning at the Osaka-based manufacturer, denying a report in the Nikkei newspaper that financing problems could put Fuji Seiki out of business. “Our banks have assured us they will keep lines of credit open.”
Fuji Seiki’s shares fell 8.8 percent to 52 yen on the Jasdaq exchange yesterday, trimming the company’s market value to 332 million yen ($3.6 million). The stock has plunged 76 percent since peaking on May 27 last year at 218 yen.
A decline in capital triggered regulations requiring an audit of Fuji Seiki’s books, Saito said, adding that the audit showed the company is financially viable.
To contact the reporter on this story: Jason Clenfield in Tokyo at jclenfield@bloomberg.net
Posts
No comments:
Post a Comment