The Japanese government will sell a 3 percent stake in NTT (NYSE: NTT), the country's incumbent service provider. From this sale, the government will net approximately $2.2 billion.
Japan's move shouldn't come all that much of a surprise as a report emerged last week that it had been considering selling a piece in NTT last week.
According to Reuters, citing a report from the Nikkei business daily, NTT will purchase the shares from the government via what is known as an "off-floor exchange platform." By using this platform, it will be able to prevent the stock from being release onto the market.
While neither Japan's finance ministry nor NTT were able to comment, the government would set a sale date as it examines market conditions.
For more:
- Reuters has this article
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