The percentage of foreign shareholders in Japan“s Asahi Glass Co. increased by almost 6% from the end of March 2004 to 27.8% of total shareholders at the end of June 2004, the highest proportion ever…
The percentage of foreign shareholders in Japan“s Asahi Glass Co. increased by almost 6% from the end of March 2004 to 27.8% of total shareholders at the end of June 2004, the highest proportion ever for the company. Behind the increase are the glass manufacturer“s strong performance and its involvement in the booming LCD sector. US asset management firm Capital Group Companies Inc. is the largest overseas shareholder in Asahi Glass, with four group firms, including Capital Research and Management Co., holding 61.63 million shares, or 5.2% of the Japanese firm“s outstanding stock, at the end of January 2004. The higher ratio is encouraging the company to emphasize investor relations activities for its overseas markets. Under consideration is the provision of English versions of sales reports and other materials for shareholders. Although foreigner investors maintained their shareholding ratio in Asahi Glass at about 10% until the end of March 2003, the percentage has been rising since December 2003, when the company sold shares cross-held by financial institutions. The sell-off was intended to increase the number of individual investors. However, the ratio of individuals rose only slightly between end-March 2003 and end June 2004, from 14.5% to 14.7%.