MEDIA RELEASE PR41219
Taiyo Pacific Partners Takes Significant Stake in IwaiCosmo Holdings Co, Inc. (8707) to Over 5%
TOKYO, Sept. 14 /PRNewswire-AsiaNet/ --
Taiyo Pacific Partners announced today that it has accumulated a position
in excess of 5% in IwaiCosmo Holdings Co, Inc. (8707) to become its largest
shareholder. Taiyo Pacific Partners is known for its cooperative investment
style working with senior management to enhance shareholder value.
Brian K. Heywood, Chief Executive Officer and Managing Partner of Taiyo
Pacific Partners, said, "Iwai is an unconventional brokerage. We have been an
investor in Iwai for nearly three years and have been pleased with management
decisions and company performance. Iwai has been innovative in its customer
interaction and is taking advantage of the current economic situation to
build a solid base for growth through the acquisition of Cosmo Securities. We
appreciate management's openness and transparency and we are confident the
company will continue to increase shareholder value."
Wilbur L. Ross, CEO of WL Ross & Co., added, "I forecast the fragmented
regional brokerages of Japan will be consolidated in the near future and Iwai
took a positive first step for further growth. Iwai is one of the leanest
brokers in Japan and this acquisition creates shareholder value, enabled by
even further cost reductions through system integration and retail store
rationalization."
Mr. Yoshiaki Okitsu, President of IwaiCosmo Holdings commented, "We
recognize that Taiyo is a friendly long term investor and plays an important
role with publicly listed companies as an activist fund. We are honored to be
selected among many excellent companies for their portfolio. We acquired
Cosmo Securities this April and are committed to being a big player in the
industry, expanding from the Kansai area. We greatly appreciate Taiyo
supporting our efforts."
Taiyo Pacific Partners is a pioneer of friendly, activist investing in
Japan. Taiyo's first fund, the Taiyo Fund, is co-managed with WL Ross & Co.
LLC, and was organized in July 2003 with an initial equity investment of $200
million. Taiyo Pacific Partners has a total of over $1.7 billion in assets
under management. Taiyo Pacific Partners, located in Kirkland, Washington,
was founded by bilingual professionals dedicated to friendly shareholder
activism in Japan.
SOURCE: Taiyo Pacific Partners
CONTACT: Brian K. Heywood
+1-425-896-5301
bheywood@tppllc.com
Wilbur L. Ross
+1-212-826-2111
wlross@wlross.com
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