NEC sells more new shares to reduce debts

8 Dec 2003

Japanese telecoms and computer equipment maker NEC at the weekend completed the nation’s largest equity offering of 2003, selling JPY177.8 billion (approximately USD1.65 billion) of new shares. NEC has now sold JPY249 billion worth of new shares this year as it grapples to reduce its crippling debt pile, which was estimated at around JPY1.38 trillion on 30 September. The latest offering was arranged by Morgan Stanley and Daiwa Securities.