Sapporo Holdings investor 3D writes to external directors seeking overhaul -Nikkei

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Unhappy with Sapporo’s low profit margins and return on equity, the Singapore-based fund has asked the five outside directors to postpone the announcement of a new business plan scheduled on Wednesday, among other requests, the paper said.

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

In a letter to the directors dated Nov. 3, the fund noted that Sapporo Holdings had failed to meet its sales target during the past 15 years, and that its return on equity (ROE) averaged 2% in the past five years – far lower than rivals Kirin Holdings’s 14% and Asahi Group Holdings’s 11%, the Nikkei said.