JAPAN: Suntory food unit gets approval for Tokyo listing
Suntory's food and beverage unit will list on the TSE in July
Suntory Holdings' food and soft drinks unit has won approval to list on the Tokyo Stock Exchange (TSE), a move expected to see the company raise around JYN476bn (US$4.7bn).
The listing was approved yesterday (29 May), according to the TSE's website, and will go ahead on 3 July. Rumours of the planned listing first emerged last December.
The Osaka-based group plans to use the initial public offering (IPO) proceeds to pay back bank debts for past acquisitions and make strategic investments at home and abroad, according to Reuters.
The Japanese firm issued a statement on its website today noting the news reports around its IPO, but said the "contents of the article are not based on any announcements from Suntory Group".
In December last year, Suntory revealed plans for a major shake-up, including a raft of new executive appointments and a more "aggressive" M&A strategy.
Suntory is the owner of soft drinks brands like Orangina and Schweppes. Its food interests include Cerebos Pacific, a Singapore-based subsidiary that sells products across Asia-Pacific, Australia and New Zealand.
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