Global messaging app operator Line Corp., wholly owned by South Korea's internet giant Naver Corp., has never paid out dividends to its Seoul-based parent firm, documents showed Wednesday.
Line has not delivered any dividends to its shareholders since its foundation in 2000, according to the documents submitted to the Japan Exchange Group Inc., Tokyo's main bourse operator and the U.S.-based Securities and Exchange Commission.
"Divided payout in the future will be decided on various factors such as the company's financial status, sales, and capital flow," the company said in the documents, noting that there is no dividend plan in the near future, despite its planned listing.
Earlier, Line said it will list its shares in Tokyo and New York next month, in what could be one of the year's biggest initial public offerings (IPO) for a technology company.
In a regulatory filing with the Tokyo Stock Exchange, Line said the company plans to debut its shares on the New York stock market on July 14 and the Tokyo bourse on July 15.
The Japanese arm of Naver predicted the IPO price to reach 2,800 yen ($26.20). Line said it will finalize the IPO price on July 11 and receive subscriptions for 35 million shares sold to the public for the next two days. (Yonhap)
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