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Last week Millea Holdings (JP: 8766) (MLEA) announced its Board of Directors resolved to voluntarily delist its ADSs on the Nasdaq and to arrange for them to trade over-the-counter. Millea is the latest Japanese company to abandon a major exchange listing in the U.S.

In the past year and a half, Pioneer (OTCPK:PNCOF), Kirin Holdings (OTCPK:KNBWY), Sanyo (OTC:SANYY) and Trend Micro (TMIC.PK) have all voluntarily delisted and now trade on the pink sheets.

Millea cited cost savings (no more GAAP/SEC/Nasdaq related reporting, compliance costs and fees) as the reason for its delisting.

In addition, its Nasdaq listed shares accounted for only 2% of the Company's total average trading volume over the past twelve months.

Millea and its predecessor (Tokio Marine Insurance Company) have had ADSs and been an SEC registrant since 1963. Note, Sony (NYSE:SNE) was the first Japanese ADR in 1961.

Millea's last day to trade on the Nasdaq is July 25. It will trade on the pink sheets from the 26th. Millea will maintain its Tokyo and Osaka Exchange listings.

Millea Holdings (MLEA) 1-year chart:

Millea-Hldgs-MLEA-chart-07-12-07

Disclosure: The author does not own shares of any companies mentioned in this article.

Source: Millea Holdings Says Sayonara to 40+ Year ADR Listing