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Japan's Idemitsu Kosan says plans share sale to raise up to $1.23 bln
July 3, 2017 / 7:32 AM / a month ago

Japan's Idemitsu Kosan says plans share sale to raise up to $1.23 bln

TOKYO, July 3 (Reuters) - Japanese oil refiner Idemitsu Kosan Co said on Monday it plans to raise up to 138.5 billion yen ($1.23 billion) through a share offering.

The company plans to use part of the money raised to pay back 159 billion yen of loans taken out to fund the acquisition of a stake in smaller rival Showa Shell Sekiyu, the refiner said in a regulatory filing. ($1 = 112.5700 yen) (Reporting by Taiga Uranaka; Editing by Muralikumar Anantharaman)

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