JT Seeks Sale Of Government Stake, Opposes Raising Tobacco Tax -Kyodo

Source from:  Fox Business 09/07/2011

Japan Tobacco Inc. (2914.TO) issued a statement Tuesday seeking the sale of the government's stake in the company while expressing opposition to a possible increase in the tobacco tax, Kyodo News reported. Although JT is hoping to be fully privatized to enhance its management perogatives, it is the first time the company has expressed its wishes in writing. The government currently owns 5 million JT shares, equivalent to 50% of the company's outstanding stock. JT said the government would be able to secure around Y1.7 trillion in revenue by selling its entire stake. Enditem