Japan's NTT plans 100-for-1 stock split-Nikkei
TOKYO, May 10 (Reuters) - Nippon Telegraph and Telephone Corp (9432.T) plans to conduct a 100-for-1 stock split to eliminate fractional shares before electronic stock certificates are introduced next year, the Nikkei business daily said on Saturday.
Japan's biggest telephone company is looking to carry out the split around January, the paper said, without citing sources.
No one at NTT was immediately available for comment.
NTT conducted a 1.02-for-1 stock split in November 1995, resulting in a large amount of fractional holdings, the paper said. The number of stockholders who still retain fractional shares is believed to have reached 315,610, or nearly 30 percent of all NTT shareholders, as of Sept. 30, the Nikkei said.
NTT boasts the biggest number of shareholders in Japan.
The company seeks to protect investors holding fractional shares because of fears they could lose all value once the switch is made to electronic stock certificates in January 2009, the paper said.
Along with the split, NTT will consider raising its minimum trading unit to 100 shares from one now. NTT's shares closed at 430,000 yen on Friday.
Other companies such as East Japan Railway Co (9020.T) are also looking to carry out similar steps, the report said. (Reporting by Chang-Ran Kim; Editing by Michael Urquhart)
