Japan this month is to sell up to 1.03 billion Japan Post Holdings Co shares, which based on yesterday’s closing would be worth ￥952 billion (US$8.53 billion), a filing showed, to help with rebuilding areas hit by the 2011 earthquake and tsunami.
The sale would represent a stake of about 27 percent, the Japanese Ministry of Finance said in a statement, lowering the government’s ownership to one-third, which is the minimum allowed by law, in what would be the third sale of shares of Japan Post.
In previous sales, the government raised ￥3.05 trillion from selling down shares of the formerly state-owned Japan Post and its affiliates. The latest sale price is to be determined between Oct. 25 and 27.
Photo: Reuters
The total amount raised through share sales so far accounts for about 10 percent of Japan’s reconstruction budget, which has totaled about ￥32 trillion over a decade.
The government has been carefully gauging market conditions to decide the timing of further sales of its shares.
In 2015, Japan Post Holdings, Japan Post Insurance Co and Japan Post Bank Co listed at the same time in what was the nation’s biggest privatization in about three decades.
The shares are to begin trading four business days after the final price is set and Japan Post Holdings is to buy back up to ￥100 billion, or 3.5 percent, of its own shares.
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