Heavy! Japan's Kyocera announced a plan to delist U.S. stocks

Japanese solar PV module supplier Kyocera announced plans to withdraw its American Depositary Shares (ADSs)
from the New York Stock Exchange (NYSE).

According to the statement, the company's board of directors has agreed to apply for delisting on the New York Stock Exchange and deregistration of its ADS with
the U.
S.
Securities and Exchange Commission (SEC).

Kyocera said ADS's trading volume on the exchange has declined in recent years until it began to question the rationale for maintaining the
listing.
It was first listed on
the New York Stock Exchange in 1980.

Kyocera is expected to submit a formal notice
of its delisting plan from June to September.
It will then file a Form 25 with the SEC to cancel its ADS, followed by another filing that will end its reporting obligations
.
However, it will reveal more details of its plans in the coming months
.
Kyocera said its plans in the U.
S.
would not affect its listing on
the Tokyo Stock Exchange.

In addition, Kyocera's Board of Directors announced plans to voluntarily adopt International Financial Reporting Standards (IFRS)
in its consolidated financial statements.
Currently, it follows the generally accepted accounting principles (GAAP)
used in the United States.
This change will help improve the management controls
of its global operations.
In accordance with IFRS, it will publish its consolidated financial statements
for the three months ended June.

In early February, the Kyoto-based company recorded a net profit of 28.
88 billion yen ($261.
7 million) in the third quarter of the current Japanese fiscal year, down 16.
8%
year-on-year.
Kyocera's equipment and systems business, which includes products such as photovoltaic modules, posted an operating profit of 7.
5 billion yen in the third quarter, down from 12.
8 billion yen
in the previous three-month period.

For now, Kyocera is still consolidating its solar manufacturing business, mainly in response to the decline
in sales in the Japanese market.
In the second half of the next Japanese fiscal year, Kyocera will move all PV production to the Yasu plant in Shiga Prefecture, Japan, and another plant
in Tianjin, China.

Although Kyocera's project business is increasingly focused on small and medium-sized self-consumption systems, it is still committed to utility-scale photovoltaic development
.
In January, Kyocera revealed that a 480-megawatt solar project
was being developed on an island in Japan's Nagasaki prefecture.
The plan to build this huge project was first released
a few years ago.