Japan to sell $10bn stake in Japan Tobacco

Damage caused by March 2011 earthquake and tsunami in Ishimaki City, Miyagi Prefecture The March 2011 disaster devastated Japan's north-east coast

Japan's government has said it will sell a third of its stake in Japan Tobacco, to raise $10.3bn (£6.8bn) for the reconstruction of areas devastated by the 2011 earthquake and tsunami.

The Ministry of Finance currently owns about one billion shares, or 50%, of the former state monopoly.

It is now selling 333 million shares, according to a regulatory filing made in Tokyo.

Japan Tobacco is the world's third largest tobacco company.

Japan's parliament passed a set of bills in 2011, which allowed it to implement tax rises and sell shares in state-owned companies to help fund the expected $270bn cost of rebuilding the north-east coast following the earthquake.

Shares in Japan Tobacco closed on Monday at 2,901 yen. Based on that price, the stake being sold is worth about 967bn yen ($10.3bn).

More on This Story

The BBC is not responsible for the content of external Internet sites

More Business stories

RSS

Features

BBC © 2014 The BBC is not responsible for the content of external sites. Read more.

This page is best viewed in an up-to-date web browser with style sheets (CSS) enabled. While you will be able to view the content of this page in your current browser, you will not be able to get the full visual experience. Please consider upgrading your browser software or enabling style sheets (CSS) if you are able to do so.