Japan MOF Igarashi: Government Should Mull Selling Stock Holdings To Raise Funds

Source from:  Fox Business 07/26/2011

TOKYO -(Dow Jones)- A senior Japanese finance ministry official hinted Monday that the government is considering selling shares in Nippon Telegraph and Telephone Corp (NTT) and Japan Tobacco Inc. (2914.TO) to raise money for a new economic package to rebuild the country's quake-hit northeast. "The government's plan to sell some stocks is already set, but it is right to say there are other (stocks) that could be considered" for unloading, Senior Vice Finance Minister Fumihiko Igarashi said at a regular news conference. "I have told (bureaucrats) to make as much effort as possible on this." Igarashi did not say how many shares the government might sell, and declined to comment on whether it could unload any stocks within the current fiscal year ending March. According to Thomson Reuters, the Ministry of Finance holds a 50.01% stake in Japan Tobacco, and a 36.62% slice of NTT. At the close of trading on the Tokyo Stock Exchange Monday, Japan Tobacco's total market value stood at Y3.105 trillion, while all of NTT was worth Y5.585 trillion. Igarashi's remarks came after he was asked about recent media reports quoting ruling Democratic Party of Japan Secretary-General Katsuya Okada as saying that lawmakers are considering the sale of government-owned shares in the two companies. Enditem