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Japan plans billion dollar postal privatisation: Report

Published on Oct 26, 2012 9:10 AM

TOKYO (REUTERS) - Japan's biggest savings institution, Japan Post Holdings Co, has drafted a privatisation plan enabling the government to raise up to 7 trillion yen (SGD 106 billion) to fund reconstruction from last year's quake and nuclear disaster, the Nikkei newspaper said.

State-owned Japan Post, which also runs the country's postal service and a large insurance arm, would become a listed holding company in late 2015 under the plan, with the government selling down a two-thirds stake in stages, the Nikkei added.

The plan is to be submitted to the government on Friday, the business daily added. If approved, it would be the biggest listing in Japan of a government-owned company since the 1997 sale of shares in Central Japan Railway Co.

Japan Post has net assets of roughly 11 trillion yen. A spokeswoman at Japan Post said she was unaware of a plan and was checking on the report.