Nisshinbo to Book 3.82 Billion Yen Gain from Shikoku Kasei Stake Sale
MT Newswires Live
Sep 09
Nisshinbo (TYO:3105) expects to record a gain on the sale of investment securities of 3.82 billion yen in the third quarter from the sale of 2 million shares of Shikoku Kasei (TYO:4099).
The sale, which is part of a public offering by Shikoku Kasei, will generate total proceeds of 3.95 billion yen or 1,976.08 yen per share, with settlement scheduled for Sept. 16, according to a Tokyo bourse filing on Wednesday.
An additional gain may be recognized if the green shoe option, granting Daiwa Securities the right to acquire up to 609,900 additional shares, is exercised.
The company has also issued a revised consolidated earnings forecast for the year ending December to reflect this extraordinary income.
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