Japan’s finance ministry said Tuesday that 10 banks including Nomura Securities Co. and JPMorgan Securities Japan Co. have been short listed to underwrite the government’s planned sale of its stake in Japan Tobacco Inc.
The Japanese government plans to lower its 50% stake in Japan Tobacco, known as JT, to one third, selling about 16.6% of the firm’s outstanding shares to raise funds for reconstruction after last year’s earthquake and tsunami.
The sale could generate around 705 billion yen, based on JT’s closing share price of Y424,500 on Tuesday.
- Ministry to sell chunk of JT shares (japantimes.co.jp)
- Japan Tobacco’s Mild…Impact… (news.3yen.com)
- Japan hires top girlband AKB48 to sell government bonds (telegraph.co.uk)
- UPDATE1: Gov’t eyes over 500 bil. yen for reconstruction from JT stock sale (english.kyodonews.jp)
- Big-Four Tobacco Companies’ Fight Against Plain-Packaging Legislation (ipbrief.net)