TEPCO Sheds Assets and Shares in mobile telecommunications – natural gas

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In by far the largest deal, Tepco said after the close of the Tokyo Stock Exchange Monday that it will sell its entire stake—more than 10%—in mobile telecommunications company KDDI Corp. for ¥521,000 (about $6,700) per share, the stock’s closing price in Tokyo, raising about ¥186.28 billion, or $2.4 billion.

Tepco said it will book a loss of about ¥35.15 billion from its sale of KDDI shares. But the move is in line with plans it previously announced to sell off a range of noncore assets as its seeks to bolster its balance sheet while bracing for massive compensation claims related to contamination from the Fukushima Daiichi plant in the wake of Japan‘s biggest earthquake on record and the ensuing tsunami on March 11.

Separately, Tepco said Monday it has decided to sell its entire stake in Kanto Natural Gas Development Co. to Air Water Inc. and Keiyo Gas Co. for ¥436 per share in a deal worth about ¥5.69 billion.

Source: WSJ.com

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