The Japanese government is expected to offer for sale 333,333,200 of Japan Tobacco Inc’s common stock, according to a press note included on JT’s website earlier today.
This secondary offer comprises 141,666,600 international and 191,666,600 Japanese shares.
However, the final decision on the number of shares to be offered will be made by the shareholder, the Minister of Finance, on the pricing date, which will be between March 11 and 13.
The disposal of the shares was approved as part of the 2012 budget.
Meanwhile, JT’s board of directors today resolved to repurchase up to 118,000,000 of its common stock (6.20 per cent of the total issued shares, excluding treasury shares), or shares worth up to ¥250,000,000,000, through the Tokyo Stock Exchange’s off-auction, own-share repurchase system between February 27 and March 8.
The number of shares in each of the international and Japanese secondary offerings may be reduced in the event that JT decides to go ahead with the repurchase.
Category: Breaking News