The Japanese financial newspaper Nikkei has reported that the Ministry of Land, Infrastructure and Transport in Tokyo is considering applying a foreign ownership limitation (FOL) to the Narita International Airport Corporation, which is fully owned by the Japanese government. It is scheduled for privatisation in 2008.
The Ministry has already introduced 33% FOL rules for 3 airline carriers – Japan Airlines, All Nippon Airways Co. Ltd., and Skymark Airlines – in accordance with the Aviation Law.
Any FOL issues will be resolved before the dematerialisation of stock certificates is completed in January 2009.
“Market participants expect that the stocks of the Narita International Airport Corporation will be held and cleared at the JASDEC as soon as it will be listed, and are closely watching the listing schedule as a key event,” says a spokesman for Mizuho Corporate Bank in Tokyo.