Investor 3D urges Sapporo Holdings outside directors to seek business reforms

TOKYO, Nov 7 (Reuters) – Singapore-based fund 3D Investment Partners has urged outside directors of Sapporo Holdings (2501.T) to take the lead in re-evaluating the Japanese beer company, according to a letter seen by Reuters. revitalization plan.

The fund said in a Nov. 11 letter. 3. “Deeply disappointed” in October. 28 responses from outside directors to 3D’s proposed value enhancement plan. It was unclear what the directors’ reaction was, and details of 3D’s original proposal were not immediately available.

The fund has asked five outside directors to delay a new business plan scheduled for Wednesday, among other requests.

3D Investment Partners and Sapporo Holdings declined to comment on the report.

The fund noted that Sapporo Holdings has missed its sales targets over the past 15 years and its return on equity (ROE) has averaged 2% over the past five years – well below rivals Kirin Holdings (2503.T) 14% and Asahi Group Holdings (2502.T), the Nikkei reported earlier.

Sapporo Holdings was the target of a 2007 takeover by U.S. activist fund Steel Partners, which had urged the company to sell underperforming units and improve the management of its real estate assets.

The takeover fell through, and Steel Partners sold most of its remaining stake in Sapporo in 2010.

Shares of Sapporo Holdings rose 0.2% in early Tokyo trade, lagging Kirin’s rise of 1.7% and Asahi’s gain of 1.9%.

Reporting by Chang-Ran Kim, Rocky Swift and Makiko Yamazaki; Editing by Christian Schmollinger and Kenneth Maxwell

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