FamilyMart Co. said Tuesday its Taiwanese convenience store subsidiary will go public over the counter Feb. 25.
Taipei-based Taiwan FamilyMart Co., founded in 1988, operates 1,161 convenience stores throughout Taiwan. FamilyMart owns 45.73 percent of the arm's 154.79 million shares, while trading firm Itochu Corp. owns 9.5 percent. The remainder is held by local concerns.
FamilyMart and Itochu plan to sell a combined 10 million shares to investors on the arm's over-the-counter debut, with FamilyMart selling 8.4 million shares, the company said.
As a result, FamilyMart's stake in the Taiwanese arm will fall to 40.27 percent.
Investor subscriptions for the shares will be accepted between Jan. 22 and 25. Successful purchasers will be selected through a lottery Jan. 30, the company said.
FamilyMart will earn 759.78 million yen from the sale, with the shares to be sold at 25 Taiwanese dollars, or about 90 yen, per share.