Japan govt to name underwriters for further Japan Post share sale: source

[TOKYO] The Japanese government will soon select underwriters for a further sale of shares in Japan Post Holdings, a government official said on Monday, laying the groundwork to add to the country's biggest privatisation in 30 years.

A government panel will meet on Monday to decide criteria for selecting lead underwriters for further sales of Japan Post, said the official with direct knowledge of the matter. It was not immediately clear when the underwriters would be chosen.

A Japan Post spokesman said he was unaware of any such plans.

The government sold more than 16 trillion yen (S$200 billion) worth of shares in Japan Post and its Japan Post Bank and Japan Post Insurance units in a triple mega-IPO in November 2015.

The parent company's stock was down 3.7 per cent in afternoon trade after the Nikkei reported the government would sell a further 1.4 trillion yen - the ceiling for expected revenues from such a sale in the draft government budget for the fiscal year starting in April.

REUTERS