The government of Japan has gained $11.6 billion from the privatization of Japan Post

Moscow. September 25. INTERFAX.RU – Japan’s Ministry of Finance has raised about 1.3 trillion yen ($11.6 billion) as a result of placing part of the state package of shares of Japan Post Holdings on the open market. According to the newspaper Nikkei, shares were sold to Japanese and foreign investors at a price of 1322 yen, which was 2% below the price at the close of trading on Monday. Earlier, the Finance Ministry said about the discount from 2% to 4%.

Thus, the Japanese government has continued the privatization of the company, combining postal, banking and insurance assets. Additional shares was the biggest since 1999. Japan Post IPO in November of 2015 was the largest in the country since 1998.

Demand in the domestic market exceeded the volume in 1.5 times, the external – 2 times. Earlier due to a significant volume of placement experts doubt that the order book is signed in full. Investors involved in the transaction, will be entitled to dividends for the current quarter.

Shares of Japan Post fell on Monday by 1%, to 1,349 yen. Since the IPO, the company’s capitalization decreased by 3.6%, while the Topix stock index rose by 9.6%.

Japan Post is one of the largest employers in Japan, the company employs approximately 200 thousand thousand people in 24 offices and branches throughout the country. The banking division of the company – Japan Post Bank is the country’s largest Bank in terms of deposits, insurance unit, Japan Post Insurance Co. – leader in the field of life insurance.