A major corporation has announced that it will sell its ownership interest in Japanese broadband provider Jupiter Telecommunications Co. Ltd.
A major corporation has announced that it will sell its ownership interest in Japanese broadband provider Jupiter Telecommunications Co. Ltd.
Liberty Global Inc will be transferring its 37.8 per cent ownership to the KDDI Corporation, Japan’s second-largest wireless operator.
However it will retain the right to receive the final dividend payment for 2009, which is expected to reach ¥490 (£3.36) per share.
Liberty Global expects to receive an estimated ¥363 billion as a result of this payment.
Mike Fries, president and chief executive of the seller, claimed that the investment has been extremely successful and gratifying over the last 15 years.
He stated: “Exiting the Japanese market at a substantial premium allows us to redirect our capital into more strategic consolidation opportunities in our core markets as well as our ongoing stock buyback initiatives.”
Earlier this month, F&C’s director of Japanese equities Stefan Bain highlighted the importance of hedge funds affording Japan the consideration it deserves, emphasising its prospects over the next 12 months.
