), was kept in limbo by Japan’s government over a key shareholder vote until the day before the industrial conglomerate’s annual meeting, two government sources said.
But under the new foreign ownership rules, Effissimo needed approval from the Japanese government to vote at the AGM for its co-founder to join the board of Toshiba, which is involved in nuclear power and defence equipment. “Because METI wasn’t able to forecast how much support proposal would get, some officials insisted it was better to delay the decision as much as possible,” said this source.
He declined to comment on the timing of approval, length of review or how the case could impact foreign investor appetite for Japanese companies.The tighter rules require foreign investors to report holdings in Japanese companies of 1% or more, compared with an original 10% threshold. This was introduced to monitor more effectively Chinese investment in Japan, government officials previously told Reuters.
Under the law, the government in principle has up to 30 days to review a foreign investor’s plans, although it can be longer.Singapore-based Effissimo was founded in 2006 by Imai and another former colleague of Yoshiaki Murakami, Japan’s most prominent activist investor. Effissimo, which previously held 15% of Toshiba, has invested in a number of other Japanese companies.
Japan
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