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Japan to sell shares to Japan Tobacco Company

in International Business

Japan to sell shares to Japan Tobacco Company

tsunamiIn a bid to raise funds for the reconstruction of the devastated areas of Japan post the 2011 earthquake and tsunami, Japanese government has decided to sell a third of its stake in Japan Tobacco.

Japan Tobacco is the third largest tobacco company in the world.

Japan’s parliament passed a set of bills in 2011, which allowed it to implement tax rises and sell shares in state-owned companies to help fund the expected $270bn cost of rebuilding the north-east coast following the earthquake.

Shares in Japan Tobacco closed on Monday at 2,901 yen. Based on that price, the stake being sold is worth about 967bn yen ($10.3bn).



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