Japan's Sapporo needs to be more transparent on real estate sales, board candidate says

Reuters

Sun, Mar 16, 2025, 9:45 PM 2 min read

TOKYO (Reuters) - Beer shaper Sapporo Holdings Ltd needs to beryllium much transparent astir its plans to divest immoderate of its important existent property holdings, said a committee campaigner backed by the Japanese company's largest shareholder.

Paul Brough, a erstwhile autarkic manager astatine Toshiba and nominee of Singapore-based 3D Investment Partners, said Sapporo has beardown brands but has been plagued with mediocre results and ineffective superior allocation.

"We request to physique transparency with our shareholders," Brough said successful an interrogation connected Friday. "We request to archer them wherever we are with the existent property disposal process."

3D Investment said connected Monday that shareholder proxy advisory steadfast Glass Lewis has backed Brough arsenic an extracurricular manager for Sapporo, seconding an earlier proposal by ISS, different proxy advisory firm.

Sapporo said it opposes Bough's information owed to a accomplishment overlap with different directors and due to the fact that his advisory relation with 3D Investment makes him "non-independent."

Last month, the institution said it has received proposals from much than 10 companies and funds regarding superior injections into its existent property business. Sapporo said it volition determine connected a program by the extremity of this year.

3D, which has accrued its involvement successful Sapporo to much than 19%, according to LSEG data, has been openly captious of the company's absorption since astatine slightest 2022.

Sapporo was antecedently the people of a takeover bid successful 2007 by U.S.-based activistic money Steel Partners, which had urged the institution to merchantability disconnected underperforming units and amended absorption of its existent property holdings.

The institution is owed to clasp its yearly shareholders gathering connected March 28. Brough said if helium were elected to the board, helium would impulse the institution to usage proceeds from existent property income to see strategical acquisitions, buyback oregon peculiar dividends.

(Reporting by Rocky Swift; Editing by Sherry Jacob-Phillips)