Experts Draft Proposals for Tokyo Metro Stock Listing

Economy Politics

Tokyo, July 5 (Jiji Press)--A panel of experts set up by the Japanese transport ministry has drafted proposals calling on the national and Tokyo metropolitan governments to unload half of the respective Tokyo Metro Co. shares they own to realize the rail operator's stock listing, informed sources said Monday.

The proposals will be submitted to transport minister Kazuyoshi Akaba this month or later.

Currently, 53.4 pct of all Tokyo Metro shares are held by the national government, and 46.6 pct by the metropolitan government.

Under a law to fund reconstruction measures following the Great East Japan Earthquake in March 2011, the national government is supposed to sell Tokyo Metro shares by fiscal 2027 and use the proceeds for covering reconstruction costs.

But talks on the matter have made little progress, with the metropolitan government eager to keep its stake in Tokyo Metro.

[Copyright The Jiji Press, Ltd.]

Jiji Press