Transport Minister Makoto Koga said July 15 that 1.5 million shares in Central Japan Railway Co. (JR Tokai) will be publicly offered when the carrier goes public Oct. 8.
All of JR Tokai's 2.24 million shares are held by the semigovernmental Japanese National Railways Settlement Corp., which inherited JNR's debts when the national carrier was privatized in 1987. Of the 1.5 million shares to be offered, 700,000, or 47 percent, will be put up for bid and 800,000, or 53 percent, will go on public offer.
JNR Settlement Corp. will give public notice of the bidding and public offer on July 18 and begin accepting bidding applications and reservations on Aug. 4. JR Tokai is one of seven JR group firms created in 1987. The Nagoya-based carrier is the third in the group to publicly offer shares, following East Japan Railway Co. and West Japan Railway Co.