P.M. BRIEFING : NTT to Open to Foreign Investors
The Finance Ministry has decided to allow foreign investors to purchase stock in Nippon Telegraph & Telephone Corp. and will release 500,000 to 1 million shares annually over a 5- to 10-year period starting in fiscal 1991, Kyodo News Service reported today.
The Finance Ministry has sold 5.4 million of a total of 15.6 million NTT shares over the last three years.
Existing law requires the government to hold one-third--or 5.2 million shares--in NTT, the world’s largest telecommunications company. Foreign investors now are barred from acquiring NTT shares. The government plans to revise the law soon, Kyodo said.