13 Firms to Sell Combined 7 Pct Stake in Recruit Holdings

Economy

Tokyo, Aug. 29 (Jiji Press)--Recruit Holdings Co. <6098> has said that up to 121.5 million own shares, or about 7 pct of its total outstanding shares, currently held by 13 companies, will be put for sale.

The move comes amid a growing trend among Japanese companies to unload cross-held shares not directly linked to profits, in order to boost business transparency and efficiency.

Recruit Holdings made the announcement after several shareholders notified the job information service company of their intent to sell their equity stakes. The shares from the 13 companies will be sold through a brokerage firm so as to minimize the effect of the move on Recruit Holdings' share prices.

The holding company is listed on the first section of the Tokyo Stock Exchange.

Toppan Printing Co. <7911> will sell the largest stake, of 30 million shares, followed by Dai Nippon Printing Co. <7912> and trader Mitsui & Co. <8031>, which will release 18 million shares and 15 million shares, respectively.

[Copyright The Jiji Press, Ltd.]

Jiji Press