The Japanese government said on Friday it has asked investment banks to submit by 30 May their applications for the sale of shares in Japan Tobacco, reports Reuters.

The Ministry of Finance said it should complete the selection by next month, a sign that the long-waited stock offering will likely take place this year.
Japan's parliament last year passed the bill which would allow the Ministry of Finance to sell 1.66 million shares in Japan Tobacco, cutting its stake to one-third from half to help raise cash for rebuilding the tsunami-ravaged northeast coast.
Japan Tobacco said last month that it would buy back about JPY 250 billion (2.5 billion) of its outstanding shares if the government proceeds with a share sale during the current financial year to next March. That would make the share sale of Japan Tobacco by the ministry worth around JPY 426 billion (EUR 4.2 billion) based on Friday's close, making it one of the largest stock offerings in Japan this year. (pi)