The Japanese government wants to sell 1.03 billion shares Japan Post Holdings, valued at approximately 95 2952 billion (SG $ 11.63 billion).
Sales represent up to 27% of the total, which provides postal, supply and financial (insurance and banking) services, and one-third of government ownership, bringing down the minimum required by law. The money will be used to rebuild areas damaged by the 2011 earthquake and tsunami, Reuters reported.
For the third time, the government will sell shares in Japan Post Holdings. In previous distributions, the government collected ¥ 3.05 trillion. The final sale price will be announced between October 25 and 2, the report said.
About one-tenth of the ¥ 2 trillion Japan Post sold to recover from the devastating earthquake and tsunami a decade ago has been sold.
“The share price goes up every day and we can’t make an easier comparison than it was two years ago,” a ministry official in charge of the matter told Reuters. “As such, we have judged the overall (market) condition to be correct for the sale of shares.”
In 2019, Japan hit post-holdings report Inappropriate behavior It sells insurance products to older customers. Subsequent investigations have uncovered numerous violations and led to the resignation of several officers and fines for misconduct. The scandal led to a drop in the company’s share price, which hampered the government’s privatization plan.