Government to bag USD2.2bn from sale of NTT shares

22 Nov 2010

The government of Japan is looking to net around USD2.2 billion from the sale of approximately 3% of state-backed telecoms behemoth Nippon Telegraph and Telephone Corp (NTT), the Nikkei daily reported yesterday. The paper writes that former state monopoly NTT, the country’s largest telco by subscribers and revenues, retired 7.97% of its shares outstanding earlier this month, lifting the state’s equity holding from 36.6% to 33.7%. Under local laws, the government is required to retain a minimum one-third holding; it plans to sell off the excess to NTT which will buy the shares through an off-floor exchange, the Nikkei said. Neither NTT nor the finance ministry were available for comment.

Japan, NTT (NTT East & NTT West)