TOKYO — Shares in the Japanese entertainment giant behind the popular Hello Kitty brand plunged on Wednesday after major shareholders said they would reduce their stakes.
A statement issued on Tuesday by Sanrio said shareholders including major bank Mitsubishi UFJ will let go of as many as 25.9 million shares, sold at a price to be determined later.The move is intended to 'expand and diversify the shareholders' base,' Sanrio said.Shares in the firm dived as much as 17 percent on Wednesday morning before paring the losses to around 14.6 percent.
The mastermind behind Hello Kitty had seen its value more than double this year, driven in part by strong profits linked to the feline-like character whose cute, enigmatic face has adored fans worldwide for decades.Since CEO Tomokuni Tsuji took over from his grandfather in 2020, its share price has soared more than seven-fold, pushing its market capitalization to more than 1 trillion yen .
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Sean 'Diddy' Combs accused in new lawsuits of sexually assaulting 10- and 17-year-old boysNEW YORK (AP) — Sean 'Diddy' Combs is accused in one of two lawsuits filed Monday of drugging and sexually assaulting a 10-year-old boy in a New York City hotel room in 2005.
Read more »
Sean 'Diddy' Combs accused in new lawsuits of sexually assaulting 10- and 17-year-old boysNEW YORK — Sean 'Diddy' Combs is accused in one of two lawsuits filed Monday of drugging and sexually assaulting a 10-year-old boy in a New York City hotel room in 2005.
Read more »
Sean 'Diddy' Combs accused in new lawsuits of sexually assaulting 10- and 17-year-old boysNEW YORK — Sean 'Diddy' Combs is accused in one of two lawsuits filed Monday of drugging and sexually assaulting a 10-year-old boy in a New York City hotel room in 2005.
Read more »
UN official: PH has potential to meet 17 SDGs, needs int’l supportLatest Philippine news from GMA News and 24 Oras. News, weather updates and livestreaming on Philippine politics, regions, showbiz, lifestyle, science and tech.
Read more »
P5.1M offered for release of 17 Chinese nationals — NBILatest Philippine news from GMA News and 24 Oras. News, weather updates and livestreaming on Philippine politics, regions, showbiz, lifestyle, science and tech.
Read more »
Sean ‘Diddy’ Combs accused in new lawsuits of sexually assaulting 10- and 17-year-old boysNEW YORK—Sean “Diddy” Combs is accused in one of two lawsuits filed on Monday of drugging and sexually assaulting a 10-year-old boy in a New York City hotel room in 2005.
Read more »