U.S. investment firm Third Point LLC, which proposed in May that Sony Corp. should spin off its entertainment division and take it public, has become the fifth-largest shareholder of the Japanese electronics maker, it was learned Tuesday.
As of Sept. 30, Third Point held a 1.64 percent equity stake in Sony in its own name, according to a quarterly report filed by Sony with the Kanto Local Finance Bureau on Monday.
Under the Companies Act, a shareholder who has owned a stake of 1 percent or more in a firm in terms of voting rights for six months or longer can make proposals at a shareholders’ meeting.
Although Third Point insisted it held a 7 percent stake in Sony, including indirect holdings, the company was not in Sony’s list of top 10 shareholders as of the end of June.
When Sony President Kazuo Hirai rejected the spinoff proposal in August by saying the entertainment business would be an important driving force behind Sony’s future growth, Third Point said it will “explore further options.”