An interesting announcement concerning the Japanese online trading market is out. GMO Internet Inc. (TYO:9449) announced today it plans to sell a 4.99% stake in its subsidiary GMO Click Holdings Inc (TYO:7177), which we know as the parent of Japan’s Forex giant GMO Click Securities.
The planned sale will be carried out off-exchange and is set to see GMO Internet dispose of 5,710,000 shares in GMO Click HD, thus taking its stake in the company down to 93.44% of all outstanding shares. Following the trading, GMO Internet is poised to remain the largest shareholder in GMO Click.
The sale will be carried out from June 24, 2015 to June 26, 2015, with the trading price to be based on the closing price or the indicative price on the day preceding the trade.
The trading is conducted in response to a request by GMO Click HD itself, GMO Internet said in its statement. The main point is to improve liquidity, the company explained.
To view the official announcement on the pending share sale, click here.