Tokyo seeks to list postal service within three years
October 27, 2012, 12:01 am TWN
TOKYO -- Japan unveiled plans on Friday to list shares of state-owned Japan Post Holdings Co., which runs the country's biggest savings institution, within three years to raise money to rebuild areas devastated by last year's quake, tsunami and nuclear crisis.
Postal minister Mikio Shimoji told a news conference that the government's shares in the company would be sold down in stages, but said he was not yet sure about the scale of the sell-down nor how much money Tokyo could raise.
However, the Nikkei business daily reported earlier on Friday that under a draft plan to list Japan Post shares in late 2015, the government would sell as much as a two-thirds stake and raise up to 7 trillion yen (US$87 billion) in stages.
Japan Post has net assets of roughly 11 trillion yen.