Ashikaga Financial Group's Shares Fall to Limit-Low, Become Ask-Only.

Kyodo News International (Tokyo, Japan) (viaKnight-Ridder/Tribune Business News) | December 1, 2003 | Copyright

Dec. 1--TOKYO--Shares in Ashikaga Financial Group Inc., the holding firm of insolvent Ashikaga Bank, were ask-only at 51 yen Monday morning on the Tokyo Stock Exchange (TSE) after plunging by the allowable limit of 30 yen.

Earlier in the day, the government completed procedures to seize all shares in Ashikaga Bank, placing the regional lender under temporary state control.

Since the government acquired all shares owned by holding firm Ashikaga Financial for zero yen, shareholders of the holding firm are also to suffer sharp declines in share value, analysts ...

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