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MarketScreener Homepage  >  Equities  >  Tokyo Stock Exchange  >  Dentsu Group Inc.    4324   JP3551520004

DENTSU GROUP INC.

(4324)
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Japan's Recruit shareholders to sell down $4 billion worth of stock

11/30/2020 | 04:10am EST

TOKYO (Reuters) - Japan's staffing agency Recruit Holdings Co Ltd said on Monday its shareholders will sell 416.8 billion yen ($4 billion) worth of shares in the company as they continue to unwind cross-shareholdings.

Recruit's shareholders, which include Dentsu Group Inc, Toppan Printing Co and Japanese television networks, will sell as many as 94.7 million shares in Recruit, or 5.59% of its outstanding shares to overseas investors, Recruit said in a statement.

This is the third sale of shares by Recruit's shareholders since the company went public in 2014. The sale comes amid a years-long trend of Japanese companies unwinding cross-share holdings.

After the past two sales, the holdings in Recruit by its business partners have fallen to 24% as of September from 50% at the time of the listing, a Recruit spokeswoman said.

Japanese companies tend to hold stakes in each other, aiming to thwart bids from outsiders, but such practice has been criticized as it bucks the government push for better corporate governance.

Recruit said the shareholders would sell 86.1 million shares to the market, with an additional 8.6 million shares as an overallotment.

Advertising agency Dentsu said in a separate statement it expects to record a gain of about 183 billion yen ($1.76 billion) form the sale of Recruit shares.

The selling price will be decided either on Dec. 2 or Dec. 3.

Recruit also said it would buy back 70 billion yen worth of shares, or as many as 20 million shares, from the market to boost shareholder value.

(Reporting by Junko Fujita; Editing by Shounak Dasgupta and Ed Osmond)

By Junko Fujita


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
DENTSU GROUP INC. 5.26% 3200 End-of-day quote.4.40%
RECRUIT HOLDINGS CO., LTD. 1.84% 4650 End-of-day quote.7.61%
TOPPAN PRINTING CO., LTD. 0.07% 1495 End-of-day quote.2.75%
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Financials
Sales 2020 929 B 8 976 M 8 976 M
Net income 2020 -5 057 M -48,9 M -48,9 M
Net Debt 2020 172 B 1 663 M 1 663 M
P/E ratio 2020 -200x
Yield 2020 2,30%
Capitalization 900 B 8 695 M 8 696 M
EV / Sales 2020 1,15x
EV / Sales 2021 1,17x
Nbr of Employees 66 400
Free-Float 74,2%
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Mean consensus HOLD
Number of Analysts 11
Average target price 3 554,55 JPY
Last Close Price 3 200,00 JPY
Spread / Highest target 43,8%
Spread / Average Target 11,1%
Spread / Lowest Target -31,3%
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Managers and Directors
NameTitle
Toshihiro Yamamoto President & Representative Director
Yushin Soga Chief Financial Officer & Director
Timothy Paul Andree Director & Executive Vice President
Toshiaki Hasegawa Independent Outside Director
Kentaro Koga Independent Outside Director
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