Business Services Industry
SMFG TO RETURN US$1.8 BLN IN PUBLIC FUNDS VIA SHARE CONVERSION.
AsiaPulse News, October, 2004
TOKYO, Oct 1 Asia Pulse - Sumitomo Mitsui Financial Group Inc. (TSE:8316) said Thursday that it will repay a 201 billion yen (US$1.8 billion) portion of public funds received in exchange for preferred shares.
The Resolution and Collection Corp. converted this portion into common shares the same day.
SMFG soon plans to acquire these shares from the RCC and hold them as treasury stock.
This will be the banking group's first return of public funds injected in the form of preferred-share issuance.
Through the share conversion, about 401,700 common shares, representing 6.5 per cent or so of SMFG's outstanding shares, will be issued.
SMFG's share acquisition price will be determined by the closing price of its stock on the Tokyo Stock...
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