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Report: Kobe Steel to sell 70% stake in real estate unit

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Report: Kobe Steel to sell 70% stake in real estate unit

Kobe Steel Ltd. is looking to sell an approximately 70% stake in its Shinko Real Estate Co. unit, which has assets of roughly ¥90 billion, Bloomberg News reported, citing people familiar with the matter.

The struggling Japanese steelmaker, which is embroiled in a data-falsification scandal, tapped Mizuho Securities Co. to advise it on the stake sale. The unnamed sources told the news outlet that the unit has garnered interest from Japanese and foreign funds, property developers and non-real estate firms.

According to the report, Kobe Steel will hold the initial bidding round Oct. 20, with the second round planned for later in 2017 and closing slated for March 31, 2018.

The company, which aims to retain a minority stake in Shinko Real Estate, might stop the deal process if there is a shift in the situation.

Bloomberg noted that Kobe Steel and Mizuho representatives refrained from commenting on the matter.

As of Oct. 17, US$1 was equivalent to ¥112.33.