TOKYO :Japan Post Holdings will sell down its stake in Japan Post Bank to under 65 per cent from the current 89 per cent, it said on Monday, in a deal that could be worth about 1.26 trillion yen ($9.25 billion).Announcing the secondary offering, Japan Post Bank said its parent would sell about 975 million sha
TOKYO :Japan Post Holdings will sell down its stake in Japan Post Bank to under 65 per cent from the current 89 per cent, it said on Monday, in a deal that could be worth about 1.26 trillion yen .
Announcing the secondary offering, Japan Post Bank said its parent would sell about 975 million shares globally, including aWith an overallotment of an additional 113.6 million shares in the domestic market, the sale could exceed 1 billion shares, which would reduce Japan Post Holdings' stake in the banking arm to 60 per cent.
Along with separately announced share buybacks and retirement of treasury shares, Japan Post Bank said it would meet the Tokyo Stock Exchange's requirements on share liquidity and help clear the way to stay listed on the top section of the bourse.Japan Post Bank said it would buy back up to 4.5 per cent, or 150 billion yen worth of its own shares and cancel them.
Under rules introduced last year, companies on the Tokyo Stock Exchange's Prime Market need to keep a tradable share ratio of 35 per cent or more.
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