The two companies said in separate statements that their decisions follow a request by Toho Titanium, which wants to increase its shares' liquidity in the stock market after having been promoted to the Tokyo Stock Exchange's First Section from the Second Section on Friday.
Mitsui and Nippon Mining said they haven't set the sale price, but the market value of the shares they plan to sell is more than Y30 billion, based on the Toho Titanium's closing price Friday of Y7,300 on the TSE.
Mitsui said it will sell 2.3 million Toho Titanium shares through two underwriters, Nikko Citigroup and Daiwa Securities SMBC. Mitsui's stake in Toho Titanium will decline to 11.6% from 15.4% after the sale, it said.
Nippon Mining said it will sell up to 2.4 million Toho Titanium shares through Nikko Citigroup. It plans to sell 2 million shares of the titanium refiner and may sell an additional 400,000 shares depending on investor demand, it said.
If Nippon Mining sells 2.4 million shares, its stake in Toho Titanium will decline to 33.6% from 37.5%.
No comments:
Post a Comment