Japan: Japanese brewer Asahi to sell EUR1.09 bln in shares to overseas investors
Major shareholders in Japanese brewer Asahi Group Holdings will sell 177 billion yen (1.09 billion) in shares in a secondary offering to overseas investors, after setting a price of 5,286 per share, the company said in a stock exchange filing on November 28.
The offering represents around 6.6% of Asahi's outstanding shares, according to LSEG data, held by nine Japanese financial institutions including Nomura Holdings and the main lending unit of Sumitomo Mitsui Financial Group.
The price represented a 3.01% discount to Asahi's closing price on November 28 of 5,450 yen, the filing said.
Japanese companies have in recent years been unwinding cross-shareholdings that had been acquired to cement business ties.
The Tokyo Stock Exchange has encouraged this unwinding, to improve Japanese companies' use of capital. Critics of cross-shareholdings say they undermine governance because such shareholders are unlikely to pressure their partners for higher returns.
E-malt.com, la fuente de información global para los profesionales de la industria cervecera y de malteado. Los boletines quincenales de E-malt.com incluyen las últimas noticias de la industria, estadísticas en gráficos y tablas, precios mundiales de cebada y malta, y otra información relevante. Haga clic aquí para obtener acceso completo a E-malt.com. Si usted es un cliente de Castle Malting, puede obtener acceso gratuito al sitio web y publicaciones de E-malt.com. Contáctenos para obtener más información en marketing@castlemalting.com.