TEPCO selling off holdings to finance compensation

TEPCO is selling its shares in KDDI, a telecom company, in order to raise capital to pay compensation to victims of the Fukushima meltdown, according to ChannelNewsAsia.com:

Tokyo Electric Power (TEPCO) plans to sell its shares in telecom operator KDDI worth $2.2 billion to help fund compensation for the nuclear accident, a newspaper said Sunday.

TEPCO, which runs the crippled Fukushima nuclear plant, holds some 360,000 shares in KDDI, or an eight percent stake, making it the firm’s third-largest shareholder, after Kyocera Corp. and Toyota Motor Corp.

The embattled power operator is already sounding out the telecom firm about the sale of its shares worth about 180 billion yen ($2.2 billion) at the current market price, the Nikkei business daily said.

The KDDI shares account for roughly half of TEPCO’s stockholdings in some 250 business partners and other firms, the newspaper said.

Link: http://www.channelnewsasia.com/stories/afp_asiapacific_business/view/1123268/1/.html

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About Robert Singleton

By day, I work for a call center. In my spare time, I try to save my hometown (and planet) from a nearly constant onslaught of greedheads, lunatics and land developers. I live in a fictional town called Austin, Texas, where I go to way too many meetings.
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