Taiyo Fund, which is jointly managed by WL Ross & Co. LLC and by Taiyo Pacific Partners, LP, announced today that it has accumulated positions in excess of 5% in three Tokyo Stock Exchange listed companies: Amano Corporation (6436), Maezawa Kasai Industries Co., Ltd. (7925), and Nifco Inc. (7988). The Fund is now one of the 5 largest shareholders in each company.

Wilbur L. Ross Jr., Chairman of the Taiyo Fund investment committee said, "We are working constructively with the senior management and directors of these three companies and are pleased that they have welcomed us as major shareholders. These companies are performing well both as businesses and in terms of corporate governance innovations, and we look forward to a long and mutually beneficial relationship."

Brian K. Heywood, Chief Executive Officer of Taiyo, added, "This is not a hostile fund. Our policy is to make significant investments in undervalued companies that are willing to have a productive dialogue and take action to enhance shareholder value. We have found that our friendly approach has been well received by managements desiring to adapt to the changing business and investment climate."

The Taiyo Fund was organized in July, 2003 with an initial equity investment of $200 million by CalPERS, the State of California Public Employees Retirement System. The Fund is co-managed by WL Ross & Co. LLC and by Taiyo Pacific Partners LP. The Ross firm has sponsored $2.5 billion of alternative investments since its founding in 2000. Taiyo Pacific Partners, located in Monterey, California, was founded in 2003 by bilingual professionals dedicated to friendly shareholder activism in Japan.

For information contact:

Wilbur L. Ross
212-826-2111
wlross@wlross.com

Brian K. Heywood
425-986-5301
bheywood@tppllc.com

Added on February 19, 2004

Filed Under

All, Japan, Press Releases by Blog