Japanese government to sell $ 7.4 billion in postal giant shares

The Japanese postmark is displayed atop the Shinjuku Post Office, operated by Japan Post Holdings Co., in Tokyo, Japan on Monday, September 11, 2017. The Japanese government will sell approximately 1.3 trillion yen (12 billion yen). dollars) of shares in Japan Post, the latest phase in the privatization of the postal and financial services giant. Photographer: Shiho Fukada / Bloomberg, Bloomberg

(Bloomberg) – The Japanese government to sell 843 billion yen ($ 7.4 billion) of shares of Japan Post Holdings Co. as part of the ongoing privatization of the postal and financial services giant six years after its listing in stock exchange.

The price for the sale of secondary Japan Post shares was set at 820.6 yen apiece, according to a statement, marking a 2% discount from Monday’s closing price of 837.4 yen.

The government is offloading around 1 billion shares to Japanese and foreign investors, and the company also plans to repurchase shares worth up to 100 billion yen, or 3.5% of the total amount outstanding.

Japan is seeking to raise around 4 trillion yen through a series of sales to finance the reconstruction of areas devastated by the earthquake and tsunami of March 2011. With this offer, the third since the Japan Post IPO in 2015, the state will reduce its stake to 33% – the minimum it is required to hold by law – from 61%.

Source link