Japan Post to Sell Up to 30 Pct of Shares in Insurance Unit
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Tokyo, April 4 (Jiji Press)--Japan Post Holdings Co. <6178> said Thursday that it will sell up to 30 pct of the outstanding shares in subsidiary Japan Post Insurance Co. <7181> by the end of this month.
The value of the sale of up to 185 million shares will reach 440 billion yen based on the insurer's current share prices on the first section of the Tokyo Stock Exchange.
Japan Post Insurance said the same day that it will buy back own shares worth up to 100 billion yen between Monday and April 12.
Japan Post Holdings' stake in the unit is seen falling to about 65 pct.
The company plans to use the proceeds from the share sale for strategic investment to boost the group's corporate value, officials said.
[Copyright The Jiji Press, Ltd.]