MITSUI LIFE PUTS FLOAT ON ICE, CLAIMS REPORT

Japanese assurer Mitsui Life has postponed its plan to list on the Tokyo Stock Exchange, citing poor market conditions, reports Reuters . Last September the company said that it hoped to apply for a listing before the end of 2007. The Reuters report cited two unnamed industry sources, stating that the assurer had decided that it would be unable to gain a justifiable level of funds, given the current weak stockmarket conditions. A Mitsui Life spokesman declined to say whether the planned listing had been postponed. Mitsui Life’s long road to a listing has now been set back twice. The assurer issued ¥100bn ($866.3m) in new shares to Singapore-government backed Temasek Holdings in September 2006, and had selected managers of its planned flotation. However, payment scandals that were revealed early in 2007 caused the flotation to be delayed.