Technology

NTT buys back shares as government cuts stake

Nippon Telegraph and Telephone Corp is to spend $4.47 billion buying back one million of its own shares in a move designed to help the Japanese government to sell part of its 45.0% holdings without depressing the share price.

Staff Writer November 25, 2004

The Finance Ministry said it plans to unload 800,000 of its 7,227,000 NTT shares, reducing the government’s stake to 40.8%. It has a long-term aim to run down its holding, but has been inhibited by fears of aggravating the poor performance of NTT’s shares on the stock market.

NTT raised money for the buy-back by selling JPY320 billion ($3.1 billion) of its holding in its DoCoMo mobile telecoms subsidiary and JPY300 billion ($2.9 billion) from selling shares in NTT Urban Development real estate subsidiary.

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