The government approved a bill Tuesday to limit the equity ownership of Narita International Airport Corp. by one shareholder to less than 20 percent and fine violators.
The bill is intended to prevent the operation of Narita airport from being influenced by a specific shareholder when the company goes public in fiscal 2010.
The bill would require holders of more than a 5 percent stake in the airport operator to submit reports on their ownership to the minister of land, infrastructure, transport and tourism.
Exceeding the 20 percent limit — measured by voting rights — and failing to make a report would be punishable.
Narita International Airport, Japan’s largest international gateway, is run by the namesake company, owned 100 percent by the government.
Even after the company offers its shares for public trading in fiscal 2010, the government plans to retain certain shareholdings to keep some control of its operations. The government would not be subjected to the limit.
The government wants to see the new measures put in place on April 1, 2010.
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