Mitsubishi Research Institute to Sell Part Of JBS Stake

MT Newswires Live
Aug 18

Mitsubishi Research Institute (TYO:3636) will sell 1.7 million shares in Japan Business Systems (TSE:5036) through a secondary offering as part of efforts to increase JBS's tradable share ratio ahead of a planned Prime Market listing, according to a Monday filing on the Tokyo Stock Exchange.

The shares will be sold by its subsidiary Mitsubishi Research Institute DCS Co., reducing its holding from the 7.01 million shares owned by the group.

MRI and DCS agreed not to sell additional JBS shares for 180 days without the consent of lead underwriter, Mitsubishi UFJ Morgan Stanley Securities.

MRI expects to record about 1.4 billion yen in extraordinary income from the sale in the fiscal year ending Sept. 30. JBS will remain an equity-method affiliate after the transaction.

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