TOKYO: Shareholders of Toyo Construction Co. on Tuesday approved seven board member candidates proposed by an asset management company of the Nintendo Co. founding family, outnumbering six nominated by the Japanese construction company.

The result could affect the fate of a proposal by the Nintendo founding family to acquire Toyo Construction, a deal that has so far been shunned by the construction company.

Toyo Construction shareholders, meeting in Tokyo, approved six of 11 board member candidates proposed by the company, while approving seven out of nine proposed by Yamauchi-No. 10 Family Office, or YFO, the asset management company that owns over 28 pct of Toyo Construction.

YFO put forward its own slate of board member candidate after Toyo Construction in May last year rejected its proposal for taking the company private through a tender offer. The asset management company said Toyo Construction’s current board would not be able to consider its proposal appropriately.

The seven board members proposed by YFO and approved by Toyo Construction shareholders include Shinya Yoshida, former executive at Mitsubishi Corp., and Masato Uchiyama, former executive at Electric Power Development Co.

YFO aims to acquire Toyo Construction to advance its digital reform and make its offshore wind power business more competitive.

Tuesday’s meeting was attended by 31 shareholders, according to Toyo Construction.

JIJI Press