Debut is motivated by the idea of boosting its stronghold in Taiwan before expanding into other Asian nations.
The Taiwanese subsidiary of the Japanese sushi chain Kura Sushi will be listed on Taiwan’s OTC market on September 17, reports Focus Taiwan.
The major sushi chain has 451 locations in Japan, 24 in the United States and 22 in Taiwan.
Kura Sushi Asia Chairman Kentaro Nishikawa said that one of the main reasons for the company chose Taiwan as the destination for the OTC listing was because of a “capital need to achieve the goal of developing from its stronghold in Taiwan to other Asian nations.”
The American subsidiary of Kura Sushi, Kura Sushi USA, was listed on the Nasdaq in August 2019.
In late August, according to a SEC filing, Kura Sushi USA’s Chief Operating Officer Manabu Kamei has resigned from the company.
“His resignation did not result from any disagreement with the Company or its management on its operations, policies or practice,” wrote the sushi chain.
CEO Hajime Uba is now acting as interim COO in addition to his role, until someone new comes in.