Dentsu Inc., Japan’s largest advertising agency, said Tuesday that its two largest shareholders — Kyodo News and Jiji Press Ltd. — along with four banks will sell a combined 145,000 Dentsu shares later this year.
The sale will cut Kyodo’s stake in Dentsu to 10.6 percent from the current 17.8 percent and reduce Jiji’s stake to 12.4 percent from 14.3 percent, a Dentsu spokesman said.
Kyodo and Jiji are Japan’s two major news agencies.
Dentsu said Kyodo will sell 50,700 Dentsu shares in Japan and another 49,300 shares abroad, mostly in Europe.
Jiji will sell 26,000 shares, Mitsubishi Trust & Banking Corp. 9,000 shares, UFJ Trust Bank 5,000 shares, UFJ Bank 3,000 shares and the Bank of Tokyo-Mitsubishi 2,000 shares, all in Japan, Dentsu said.
The share offerings are intended to improve the liquidity of Dentsu stocks in the market, the company said.
The sale price and the final number of shares to be sold will be decided between Oct. 28 and Oct. 30, according to Dentsu. The company said the shares will be offered simultaneously in Japan and abroad.
Dentsu, founded in 1901, went public in November 2001 when it listed on the first section of the Tokyo Stock Exchange.