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Square cancels plan to securitize movie production costs.

TOKYO, May 25 Kyodo

Square Co. said Friday it has canceled a plan to raise funds through securitization for the production of a computer graphic movie version of its popular ''Final Fantasy'' video game.

Although Square and the Mizuho Financial Group have been working on the securitization scheme, ''We decided to cancel the plan because the unprecedented practice in Japan has made it difficult to set a price,'' the Tokyo-based company said in a statement.

While the production of the movie is estimated to cost 16.4 billion yen, Square planned to raise part of the sum by issuing small-lot securities whose yield changes in accordance with box-office revenues.

Square said the cancellation of the scheme will not affect its earnings projection for fiscal 2001 to March 31, 2002, as it has already set aside the production fund, adding that it will consider securitizing future movie productions.

The Final Fantasy movie is due to be released in North America in July and this fall in Japan.
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Title Annotation:Company Business and Marketing
Comment:Square cancels plan to securitize movie production costs.(Company Business and Marketing)
Publication:Japan Computer Industry Scan
Article Type:Brief Article
Geographic Code:9JAPA
Date:May 28, 2001
Words:166
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