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Kyocera to Sell Nearly 53.7 Million KDDI Shares for 124.8 Billion Yen

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Kyocera (TYO:6971) has agreed to tender nearly 53.7 million common shares of KDDI (TYO:9433) at 2,325 yen a piece or 124.8 billion yen in total.

Following the sale, the ceramics and electronics company's shareholding in KDDI will decrease to 13.36% from 14.77%, according to a Tokyo bourse filing on Thursday.

In its non-consolidated financial statements, Kyocera expects to record a non-recurring gain of 121.6 billion yen, though under IFRS the gain will be recorded as other comprehensive income.

The tender offer period ran from May 13 to June 9, with settlement scheduled to begin on July 1.

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