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%
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.