Kansai Electric Falls Most in Over 50 Years on Share Sale Plan [Yahoo! Finance Canada]
KANSAI ELEC PWR UNSP/ADR (KAEPY)
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Source: Yahoo! Finance Canada
Most Read from Bloomberg Kansai Electric tumbled 18%, its steepest fall since September 1974, when Bloomberg data first became available. A gauge of power companies led the drop on the Topix index, as peers sank on worries they may follow suit. “It's a bit of a surprise that the company decided to take the form of share sale” to raise capital, said Kazuhiro Sasaki, head of research at Phillip Securities Japan Ltd. It could have done that through other means like debt issuance if it's to fund things like infrastructure for decarbonization, he said. Kansai Electric's announcement was not well flagged, Travis Lundy, an analyst at Quiddity Partners, wrote on Smartkarma. Its dividend isn't high enough to make the sale attractive, he wrote. Kansai Electric will sell about 148.3 million new shares as well as 45.7 million treasury shares to the public, according to a filing made to Japan's finance ministry on Wednesday. The funds raised will go toward improving power generation effic
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News
- Kansai Electric Shares Lead Drop in Sector on Planned Stock Sale [Yahoo! Finance]Yahoo! Finance
- Japan Power Market Outlook to 2035, Featuring JERA, The Kansai Electric Power Co, Electric Power Development Co and Kyushu Electric Power Co [Yahoo! Finance]Yahoo! Finance
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