Japan's top beer maker, Asahi Breweries Ltd, said on August 21 its major shareholders would sell up to 12.5 million shares, or 2.4 % of its outstanding stock, to boost its shares' liquidity, Reuters reported. The price will be decided between September 5 and 10. Shares in Asahi closed at 730 yen on Thursday, up four yen.
Among the sellers, the brewery's second-biggest shareholder, Dai-Ichi Life Insurance Co, will sell five million existing shares, reducing its stake to 3.5 % from the current 4.4 %. Chemical maker Asahi Kasei Corp, the fourth-biggest shareholder, will sell 3.5 million shares. "The share sale is aimed at boosting the stock's liquidity and raising the number of individual investors," the company said in a statement.
In addition to the sale of 11.5 million existing shares planned by its major shareholders, underwriter Nomura Securities may sell up to one million shares depending on market conditions in over-allotment option, Asahi said.
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