US activist fund urges Japan's Sanyo Shokai to pay special dividend

Sapphireterra proposal targets apparel maker's 'excess capital problem'

A store displays products by Mackintosh Philosophy, a Sanyo Shokai brand. (Photo by Nikkei)

TOKYO -- U.S.-based activist fund manager Sapphireterra Capital has proposed that apparel maker Sanyo Shokai pay out a special dividend of 1,200 yen ($7.59) per share.