(Bloomberg) -- Sapporo Holdings Ltd. shares surged after the Japanese brewer said it would solicit proposals for external investment in its real estate business following pressure from activist investors.
The stock rose as much as 13% Wednesday morning in Tokyo, its biggest intraday climb since March 2011. The company plans to start seeking offers for its real estate subsidiary, which runs properties including the upscale Yebisu Garden Place commercial complex, in mid-September, it said in a statement after market hours the previous day. It’s also considering asset sales or a tax-qualified spinoff, it said
The announcement came after Singapore-based 3D Investment Partners criticized Sapporo as having “neglected” its core beverage and food offerings and urged it to divest its real estate business. 3D is Sapporo’s top shareholder with a stake of just under 16%, according to data compiled by Bloomberg.
Sapporo said in the statement it will “aggressively” invest in its beer brands and aim for a 25% share of the domestic market as well as higher profit margins in the long term.
©2024 Bloomberg L.P.
