UPDATE 1-Japan's Kirin rebuffs investor call to divest non-beer assets [Reuters]
KIRIN HLDGS CO LTD S/ADR (KNBWY)
US:NASDAQ Investor Relations:
kirinholdings.co.jp/english/ir
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Source: Reuters
UPDATE 1-Japan's Kirin rebuffs investor call to divest non-beer assets * IFP requests Kirin to focus on beer business * Beer consumption in Japan has more than halved since the 1990s (Adds Independent Franchise Partners’ comments) TOKYO, Feb 19 (Reuters) - Japan’s Kirin Holdings Co Ltd opposed on Wednesday a proposal by an activist shareholder that it divest assets outside its beer business, saying investments in areas such as healthcare were crucial to its business. UK-based Independent Franchise Partners (IFP), which owns a 2% stake in Kirin, has called on the company to focus on beer, sell non-core businesses and use proceeds from sales to buy treasury stocks worth 600 billion yen ($5.45 billion). “The board is strongly opposed to Franchise Partner’s proposal that all non-beer assets be sold,” the company said in a statement. IFP’s chief executive Hassan Elmasry told reporters in Tokyo on a conference call the company will convince other shareholders to support its proposal for div
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