TCI suggests freezing voting rights in J-Power
TOKYO, April 15 (Reuters) - British activist fund TCI said on Tuesday it had proposed to the Japanese government that its voting rights in Electric Power Development Co. (J-Power) (9513.T: Quote, Profile, Research, Stock Buzz) be restricted if it takes a larger stake in the electricity wholesaler.
The Children's Investment (TCI) fund, which owns a 9.9 percent stake in J-Power, is seeking government permission to raise that to as much as 20 percent.
The case has been seen as a test of how open Japan is to overseas investment.
Japanese law requires foreign investors to seek approval before taking more than a 10 percent stake in a company in sectors such as electric power deemed vital to the country's security.
TCI said it had suggested putting the voting rights it would acquire regarding J-Power's nuclear and transmission facilities under a trust. ($1=101.12 Yen) (Reporting by Sachi Izumi; Editing by Hugh Lawson)
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