JAPAN/SOUTH KOREA. Tax free retailer Japan Tourism Corporation (JTC) has announced that its shares will be listed on South Korea’s KOSDAQ market in early April, according to Yonhap News Agency.
The Beppu, Japan-headquartered company received approval from the Korea Stock Exchange (KRX) for the listing on the trading platform for small-cap companies in February.
CEO Chulmo Ku said JTC’s aim was to become Japan’s number one tax free retailer within the next five years.
As reported, JTC plans to use the funds it will raise through the IPO to open new shops.
JTC currently runs 24 tax free (not duty free) stores spanning 41,602sq m: four in each of Fukuoka and Nagasaki; three in Tokyo; and two in each of Kumamoto, Kagoshima, Okinawa and Osaka. It also operates one store in each of Oita, Nagoya and Yamanashi.
The company said it has plans to launch tax refund businesses in Seoul, Busan and Jeju island in South Korea.
JTC has a registered capital of JPY631,410,000 (US$5.8 million). Its store concepts include Koo Skin, Japan Tax Free Shop and AKA Jewelry. It also owns skincare brand Plusbk.