Daily Management Review

Source: Japan Post to sell $8.9 billion worth of banking shares


By the end of the month, Japan Post Holdings Co. is considering selling $9 billion worth of stock in order to reduce its ownership of its Japan Post Bank Co. subsidiary by nearly a third, sources reported.

According to the three sources, the company is discussing selling its stock before the end of the current fiscal year, which ends in March, and is expected to decide based on market conditions.

According to the two sources, the sale would enable Japan Post Holdings, which now owns roughly 89 percent of Japan Post Bank, to cut its holding to 60 percent, assisting the banking industry in meeting the stock liquidity criteria of the Tokyo Stock Exchange.

The transaction would cost roughly 1.2 trillion yen ($8.9 billion), the sources said.

No such decision, according to Japan Post Holdings and Japan Post Bank, has been taken.

source: reuters.com