Japanese Govt. To Sell Nintendo Shares to Public

Japan's Nintendo Co. Ltd. said on Friday a state-backed body will sell about $554 million worth of its shares in the videogame maker in a secondary offering.

The Bank's Shareholdings Purchase Corp., set up in 2002 to buy shares from banks, which at the time were unloading their massive shareholdings, entrusted 1,987,400 of Nintendo shares, or 1.4 percent of its shares outstanding, to a trust bank for sales.

The tentative selling price will be set at 90-100 percent of the closing price on one day between March 5 and March 8.

The sale is worth about 67.3 billion yen ($553.5 million) at the current price.

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