The Japanese government to sell 1.12 million shares in NTT

The Japanese government has decided to sell 1.12 million shares in Nippon Telegraph and Telephone (NTT) back to the telecom group for Y542.4 billion ($4.9 billion). With this, the government’s stake in the former monopoly will be reduced to the minimum of one-third it must hold. The Japanese government has reduced its stake in NTT gradually over the years. In recent years, NTT has bought back its shares from the government, using funds raised by selling down its own stake in NTT DoCoMo, its mobile phone subsidiary. So far, NTT has bought back Y672.6 billion worth of its own shares from the government.