THE Japanese government is to sell its remaining 12·7% stake in East Japan Railway. JR-East runs 12 220 trains a day, carrying 16·2 million passengers on a network totalling 7 538 route-km.

Around 500000 shares owned by Japan Railway Construction Public Corp are to be sold, raising an expected ´300bn. Lead managers for the sale are Nomura Holdings and Goldman Sachs. A bookbuilding process was to begin on June 10, and the selling price was due to be set between June 14 and June 19.

If the sale is successful, the Ministry of Land, Infrastructure & Transport is likely to proceed with the disposal of its 31·7% shareholding in West Japan Railway.