U.S. Fund Sells All 6.41 Pct Stake in Otsuka Kagu
Tokyo, Aug. 21 (Jiji Press)--U.S. investment fund Brandes Investment Partners LP sold all of its 6.41 pct equity stake in struggling Japanese furniture retailer Otsuka Kagu Ltd. <8186> last Wednesday.
The sale was revealed Monday in a report on large shareholdings submitted by Brandes to the Kanto Local Finance Bureau.
For about 10 years, Brandes had been a major shareholder of Otsuka Kagu, along with the Tokyo-based asset management company of the Otsuka family and meeting room rental service company TKP Corp. <3479>.
The U.S. fund showed support to Otsuka Kagu President Kumiko Otsuka and the current management team when the president and her father and company founder, Katsuhisa Otsuka, were engaged in a proxy fight for the control of the company in 2015.
Despite the president's reform efforts, Otsuka Kagu saw its earnings deteriorate, posting a net loss of 2 billion yen in January-June this year.
[Copyright The Jiji Press, Ltd.]