Government mulls sale of NTT shares

16 Nov 2010

The government of Japan is said to be considering the sale of shares in Nippon Telegraph & Telephone Corp (NTT) in its fiscal year ending 31 March 2012. Bloomberg reports that the state, which owns a USD24 billion stake in the telco, could make its decision on whether to go ahead with the sale as soon as December, when the government draws up its 2011 budget for parliamentary approval. However, the country’s finance minister Yoshihiko Noda declined to comment on the rumour when asked. If it does proceed, the sale would give the highly indebted Japanese administration additional funds for debt or public projects. The government could be looking to offload up to 90 million shares, worth an estimated JPY330 billion (USD4 billion), by 2012 while retaining the requisite minimum 33% stake.