japanese-government-sells-stake-in-chuo-mitsui

Japanese government sells stake in Chuo Mitsui

The disposal of shares in the Japanese finance conglomerate is priced at a 2.1% discount and raises $973 million for the government.
The Japanese government has raised Ñ103.5 billion $973 million from the sale of part of its stake in finance conglomerate Chuo Mitusi Trust at a 2.1% discount to the market price.

Joint global underwriters Nikko Citi, Daiwa Securities SMBC and Goldman Sachs underwrote the placement of 170 million government-owned shares to domestic and foreign investors on Monday in the biggest follow-on share sale year-to-date.

For Chuo Mitsui, one of the leading trust banks in Japan, the sale marks one more step towards managerial independence. The shares, representing 14.6% of its total outstanding common shares, had been converted from the 47.8 million convertible preference shares held by the Resolution and Collection Corporation, a subsidiary of the...
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