Tokyo's sale of Japan Tobacco stake to bring in US$7.8 billion: company
AFPTOKYO -- Japan Tobacco (JT) said Monday that Tokyo's partial sale of its stake in the former monopoly would raise about US$7.8 billion as the government looks to finance huge disaster reconstruction.
March 12, 2013, 11:45 am TWN
JT, one of the world's biggest tobacco firms whose international brands include Winston and Camel, said 253 million shares would be sold at 2,949 yen (US$31) each. The offering was expected to raise about 747 billion yen, it said.
The move would bring Tokyo's stake down to about one-third of JT from 50 percent before the offering, which is scheduled for Tuesday and Wednesday.
The planned sale is earmarked to help fund rebuilding after Japan's quake-tsunami disaster, which struck on March 11, 2011. The country held memorial services Monday for the second anniversary of the twin disasters, which sparked the nuclear crisis at Fukushima.
The sale price is at a discount to JT's closing of 3,010 yen per share, down 3.68 percent, on the Tokyo Stock Exchange Monday.