Japan's Chuo Mitsui says gov't to sell its shares

TOKYO, June 30 (Reuters) - Japanese midsize lender Chuo Mitsui Trust Holdings (8309.T: Quote, Profile, Research) said on Monday the government will sell 170 million of its shares to institutional investors in Japan and overseas as part of its repayment of public funds.

The state-backed Deposit Insurance Corporation will convert Chuo Mitsui preferred shares it holds into common stock and sell them in the market.

Chuo Mitsui also said it would buy back up to 85.47 million preferred shares, or worth 180 billion yen ($1.7 billion), between July 2 and July 4. (Reporting by Sachi Izumi)