The Japanese government is looking to sell up to 1.03 billion shares in Japan Post Holdings, valued at around ¥952 billion (SG$11.63 billion).
The sale represents up to 27% of the conglomerate, which provides postal, logistics and financial (insurance and banking) services, and will lower the government’s ownership to one-third, the minimum level required by law. The proceeds will be used for reconstruction efforts in areas affected by the 2011 earthquake and tsunami, Reuters reported.
This will be the third time the government sells shares in Japan Post Holdings. In the previous divestments, the government raised ¥3.05 trillion. The final