Japan Post Holdings to sell down stake in Japan Post Bank in $9 bln deal (updated)

Japan Post Bank

27/02/2023 07:38

(Adds details, background)
       TOKYO, Feb 27 (Reuters) - Japan Post Holdings  6178.T 
will sell down its stake in Japan Post Bank  7182.T  to under
65% from the current 89%, it said on Monday, in a deal that
could be worth about 1.26 trillion yen ($9.25 billion).
    Announcing the secondary offering, Japan Post Bank said its
parent would sell about 975 million shares globally, including a
    greenshoe option of 28.4 million shares overseas.
  
        With an overallotment of an additional 113.6 million
shares in the domestic market, the sale could exceed 1 billion
shares, which would reduce Japan Post Holdings' stake in the
banking arm to 60%.
        Along with separately announced share buybacks and
retirement of treasury shares, Japan Post Bank said it would
meet the Tokyo Stock Exchange's requirements on share liquidity
and help clear the way to stay listed on the top section of the
bourse.
  
        The stake sale was first reported by Reuters last week.
    Japan Post Bank said it would buy back up to 4.5%, or 150
billion yen worth of its own shares and cancel them. 
    Under rules introduced last year, companies on the Tokyo
Stock Exchange's Prime Market need to keep a tradable share
ratio of 35% or more.
($1 = 136.2800 yen)

 (Reporting by Eimi Yamamitsu and Mariko Katsumura
Editing by Chang-Ran Kim)
 ((Eimi.Yamamitsu@thomsonreuters.com;))