The Japanese government Wednesday rejected a British hedge fund's attempt to expand its stake to 20 percent in Japan's Electric Power Development Co..
The move came after a government panel came to a conclusion Tuesday that the acquisition of a larger stake by the Children's Investment Fund (TCI) in the Electric Power Development Co., commonly known as J-Power, could have a negative impact on Japan's energy security.
Under Japan's Foreign Exchange and Foreign Trade Law, foreign investors bidding for a stake of 10 percent or more in firms related to national security and the maintenance of public order should win the government endorsement.
The TCI, currently the largest shareholder of electricity wholesaler J-Power with a 9.9 percent stake, applied for the government's approval on January 15.
Source:Xinhua
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