JAPAN POST HOLDINGS CO., LTD. By Kosaku Narioka
Japan Post Bank Co. said Monday that its parent holding company plans to sell shares worth billions of dollars in a bid to improve the ratio of shares traded freely by public investors.
The Japanese bank said Japan Post Holdings Co. plans to sell 975.4 million shares of the banking unit and might sell an additional 113.6 million shares.
Japan Post Bank said the offering price would be determined sometime between March 13 and March 16. Japan Post Bank's shares closed 1.9% higher at 1,156 yen on Monday before the announcement of the offering.
The bank also said it would buy back up to 150.0 billion yen ($1.10 billion) of its own shares from March 1 to May 12 except the week of March 27, as part of its efforts to mitigate the offering's negative impact on its share price.
Japan Post Bank said it is expected to meet public float requirements for the Tokyo Stock Exchange's prime market after the offering and buybacks.
Write to Kosaku Narioka at kosaku.narioka@wsj.com
(END) Dow Jones Newswires
02-27-23 0236ET
