NTT buys back shares worth Y366 billion

26 Nov 2004

Japanese incumbent NTT has spent JPY366.5 billion buying back 800,145 of its own shares. The company said the move was designed to counteract the effect of concerns about a share sale by the Japanese government, which have put downward pressure on the value of NTT’s stock. The government said yesterday that it would sell 800,000 NTT shares to help ease the budget deficit. 46% of shares in NTT are currently government-owned.