Politics

Japan Post sells $2.9 bln shares in insurance unit at bottle of range

Reuters

TOKYO, April 15 () - Japan Post Holdings Co on Monday priced a share sale of its insurance business at the bottom of an expected range, a filing showed, raising $2.9 billion in the sale.

Japan Post sold 136.7 million share at 2,375 apiece, the insurance company said in a filing, representing a 4 percent discount from Monday's closing price of 2,474 yen.

DealWatch had previously reported that the discount was likely to range between 2 percent and 4 percent. That meant a total sale size of 325 billion yen ($2.9 billion), according to calculations.

The size of the sale was then reduced to 137 million shares last week as Japan Post Insurance bought back 37 million shares, mainly from the holding company.

Japan Post may sell as many as 13.7 million shares in an additional offering depending on the demand of the shares on the market, it has previously said.

Japan Post Holdings, Japan Post Insurance and Japan Post

Bank listed simultaneously in 2015 with the government

raising some $12 billion, marking the country's biggest

privatisation in almost 30 years.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Reuters

Reuters, the news and media division of Thomson Reuters, is the world’s largest international multimedia news provider reaching more than one billion people every day. Reuters provides trusted business, financial, national, and international news to professionals via Thomson Reuters desktops, the world's media organizations, and directly to consumers at Reuters.com and via Reuters TV.

Learn More