Skip to Content
Global News Select

SBI Holdings to Issue 27 Million Shares to Sumitomo Mitsui Financial Group

By Justina Lee

 

SBI Holdings Inc. said Thursday that it will issue 27 million shares to Sumitomo Mitsui Financial Group Inc. via a third-party allotment.

The financial services company will raise 79.65 billion Japanese yen ($584.6 million) from the share sale and will use the proceeds to repay debt.

The filing confirms a report by Japanese newspaper Nikkei on Tuesday that SMFG was in discussions to purchase a stake in SBI to strengthen its securities businesses.

 

Write to Justina Lee at justina.lee@wsj.com

 

(END) Dow Jones Newswires

June 23, 2022 03:45 ET (07:45 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.