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Airport companies battle over stock sales rights

Date Posted: 2007-07-12

Naha Airport Building Company operates Naha International Airport, but a second company involved in building the facilities wants to sell 41% of its stock to it.

The Airport Terminal Building Company, which is currently liquidating and going out of business, wants Naha Airport Building Company to purchase the stock for ¥3 billion. Naha Airport Building Company, which has been operating profitably for nearly seven years, has said ‘thanks, but no thanks.’

At the same time, Naha Airport Building Company, which owns a large part of stock in the Airport Terminal Building Company, has rejected a proposal to allow four private construction companies to buy the stock. Kanehide head office, Barklay Realty Okinawa, Kokuba-Gumi and Keiei Kyuso Kiban want to purchase the stock, but the move’s being blocked by the airport operators.

Naha Airport Building Company is owned jointly by Naha City, Okinawa Prefecture and airline companies. It is interested in purchasing the stock, but only at a reduced price. The outgoing Airport Building Company insists the stock is worth ¥1,100,000,000, while Naha Airport Building Company says it’s worth only ¥717,500,000.

The airport operating company says it plans to invest its profits in a new international terminal building and maintenance facilities. Naha Airport Building Company discounts talk from the Airport Building Company that it plans to take its stock to a public offering. The Airport Building Company says it will take the case to court.

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