The Japanese government will sell off another chunk of Japan Post Holdings as early as this fall, moving to end a more than decadelong privatization process.

The Finance Ministry said Tuesday it will sell up to 1.06 billion shares of the postal group, making the sale worth around 1.3 trillion yen ($11.7 billion) based on Tokyo-listed Japan Post's closing price that day.

The sale will cut the ministry's stake to the legally mandated minimum of just over one-third from the current 57%. The group is 11% owned by foreign investors.

The move comes as the group recasts a growth strategy that stumbled after its 2015 acquisition of Australian logistics provider Toll Holdings. Japan Post is required to maintain universal services across Japan at a loss and remains dependent on its banking and insurance units for earnings.