P.M. Briefing : Pickens to Koito: Hike Dividend
TOKYO — Texas-based oilman T. Boone Pickens is demanding that Koito Manufacturing Co., in which he is the largest shareholder, pay an increased dividend for the first half of fiscal 1989, Koito said today.
In a letter received by Koito on Monday, Pickens demanded that it increase its dividend to 7 yen per share from 5 yen, Koito spokesman Shinji Hagiwara said.
He said Koito would notify Pickens of its decision after a meeting of company executives on Nov. 21.
Pickens, known for his often hostile raids on U.S. companies, has been battling the management of Koito, a Japanese auto parts maker, for representation on its board.
He has complained that despite a 26% stake in the company, he has been denied a seat on the board, although Toyota, the Japanese car maker, has three seats with only 19% of the company’s stock.
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