Tokyo now top Tepco shareholder

Kyodo

The Tokyo Metropolitan Government became the largest shareholder in Tokyo Electric Power Co. at the end of March, the utility said Wednesday, after other top shareholders — Dai-ichi Life Insurance Co. and Nippon Life Insurance Co. — sold parts of their stakes.

At the end of September, Dai-ichi Life was Tepco’s largest shareholder with a 3.42 percent stake, followed by 3.29 percent for Nippon Life Insurance and 2.66 percent for the Tokyo Metropolitan Government.

The share sale by the two life insurers followed a plunge in Tepco’s stock price after the devastating March 2011 accident at its Fukushima No. 1 nuclear plant.

Tokyo Vice Gov. Naoki Inose has opposed Tepco’s rate hike plans and indicated he hopes to attend a June shareholders’ meeting.