UK Investment Fund’s Proposal to Sell Oriental Land Shares Rejected

Jun 28, 2024 | News On Japan

TOKYO - The proposal to sell shares of Oriental Land was rejected at Keisei Electric Railway's shareholders meeting, despite being pushed by a UK investment fund.

On June 27, a concentrated day for shareholders meetings, 668 companies listed on the Tokyo Stock Exchange held their meetings, accounting for roughly 30% of all listed companies.

The focus was on the actions of "activist shareholders." According to Sumitomo Mitsui Trust Bank, a record 91 companies received shareholder proposals for revising their management structures.

Among them, Keisei Electric Railway faced a proposal from a UK investment fund to sell its shares in Oriental Land. Oriental Land is the operator of Tokyo Disney Resort, and the investment fund argued that holding the shares does not contribute to Keisei Electric Railway's growth. However, the proposal was rejected by a majority vote.

Source: ANN

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