Sumitomo Chemical Sells Sumitomo Bakelite Stake to GIC in 22.7 Billion Yen Deal; Sumitomo Bakelite Shares Up 6%

MT Newswires Live

Sep 19, 2024

Sumitomo Bakelite (TYO:4203), a chemical manufacturer, said Sumitomo Chemical (TYO:4005) will transfer 6.52 million of its shares in the company to Singaporean sovereign wealth fund GIC through an off-market negotiated transaction, according to a Wednesday filing on the Tokyo Stock Exchange.

The transfer, set for Sept. 20, will reduce Sumitomo Chemical's stake in Sumitomo Bakelite to 15.6% from 22.6%.

The sale, valued at 22.66 billion yen, constitutes a secondary distribution of shares, with each share priced at 3,476 yen.

GIC's acquisition will represent 7.02% of Sumitomo Bakelite's voting rights, triggering regulations under Japan's Financial Instruments and Exchange Act.

Shares of Sumitomo Bakelite were up 6% in recent trade.

Price (JPY): $3876.00, Change: $+220, Percent Change: +6.05%

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