Nippon Paint to offer 203b yen in overseas share sale
Add BT as a preferred source[TOKYO] Nippon Paint will offer up to 203 billion yen (S$2.4 billion) of its shares in an overseas sale after several of its shareholders said they were willing to pare their holdings in the industrial paint maker.
Nippon Paint says in a statement on Friday (Jan 7) that the secondary offering will improve the liquidity of its shares, which it saw as relatively low based on its market capitalisation. Sellers include Sumitomo Mitsui Banking Corp, MUFG Bank and Sompo Japan Insurance.
It also sees the move alleviating future concerns that may arise over the potential sale of its shares by holders that own them as "strategic holdings". Japanese companies have been called out by investors to reduce such holdings, which are often acquired to cement business ties, to free up capital.
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