Dentsu to sell off 145,000 shares

Dentsu Inc., Japan’s largest advertising agency, said Monday it will sell 145,000 existing shares in the company for 403,760 yen per share.

The price is based on Dentsu stock’s closing price of 412,000 yen on the First Section of the Tokyo Stock Exchange the same day, Dentsu said in a statement.

Subscriptions will be accepted for three days beginning Tuesday, and the shares will be delivered Nov. 5, Dentsu said.

The announcement follows Dentsu’s decision Oct. 8 that its two largest shareholders, Kyodo News and Jiji Press, and four banks will sell a combined total of 145,000 Dentsu shares — 87,000 shares in Japan and 58,000 abroad. The four banks are Mitsubishi Trust & Banking Corp., UFJ Trust Bank, UFJ Bank and the Bank of Tokyo-Mitsubishi.

The share offerings are intended to improve the liquidity of Dentsu shares in the market, according to the company.