TOKYO—Vodafone Group, world’s largest mobile operator, on Friday said it successfully purchased 693,368 shares, which represents 21.7 percent, of Japan Telecom.
Due to the purchase, Vodafone’s stake in Japan Telecom, the third-largest mobile operator in Japan, will increase to 66.7 percent. Also Vodafone’s stake in J-Phone, the mobile business unit of Japan Telecom, will increase to 69.7 percent.
In a press release, Chris Gent, president of Vodafone Group, said: “We are very pleased that investors in Japan Telecom welcome and support Vodafone’s increased role in Japan Telecom.”
At a recent press conference, Gent repeatedly said he does not have any plans to further increase its stake in Japan Telecom.
Due to the increased Vodafone holding, Chairman Koichi Sakata, the founder of Japan Telecom, will step down from his post and Haruo Murakami, president of Japan Telecom, will succeed Sakata as chairman in 2002. Gent will appoint a new president to replace Murakami.
