Asia
Lintec Plans Secondary Offering for 17 Million Shares by Nippon Paper Industries
Lintec (TYO:7966) said it will conduct a secondary offering of up to 17.1 million common shares, with Nippon Paper Industries Co. (TYO:3863) selling the shares as part of its review of its business portfolio and assets from the perspective of capital efficiency.The Japanese manufacturer said that offering is expected to result in Nippon Paper ceasing to be its major shareholder and largest major shareholder, according to a Tokyo Stock Exchange filing on Thursday.The selling price will be determined between Sept. 1 and Sept. 3, and additionally, the company has also approved a share buyback totaling 30 billion yen between Aug. 24 and Aug. 26, improving shareholder returns.
TYO:3863TYO:7966
