Posted at 11:42 a.m., Wednesday, December 5, 2007
Prospect Asset hikes stake in Japanese company
Advertiser Staff
Prospect Asset Management Inc., a Hawaii Kai-based investment fund , raised its stake in Japanese property trust FC Residential Investment Co., Bloomberg News reported. The stake adds to a concentration of ownership that threatens a tax breakBloomberg reported Prospect increased its holding to 43 percent from 42 percent as of Nov. 29, a filing at Japan's Ministry of Finance shows.
Japanese property trusts are exempt from corporate tax if they meet conditions including a combined stake of no more than 50 percent for their three largest owners, the news service said. A tax liability would reduce funds available for dividends.
