TOKYO -- Toyota Motor will sell about 20% of its KDDI stock holdings, worth about 250 billion yen ($1.8 billion), the company announced on Friday. It will apply for a share buyback solicited by KDDI.
The move is aimed at selling off its long-term shareholdings with low asset efficiency and shifting money to electrification efforts, including electric vehicles. Toyota, a major shareholder in KDDI, has invested in IDO, a former mobile operator and one of KDDI's predecessors.
