Activist investor Oasis Management on Monday urged shareholders of Hokuetsu Corp to vote against the re-election of CEO Sekio Kishimoto after Japan's No.5 paper maker refused a call to sell its stake in a larger rival.Hong Kong-based Oasis, Hokuetsu's biggest shareholder with a more than 18 per cent stake
Activist investor Oasis Management on Monday urged shareholders of Hokuetsu Corp to vote against the re-election of CEO Sekio Kishimoto after Japan's No.5 paper maker refused a call to sell its stake in a larger rival.
Oasis has been pushing Hokuetsu to divest its 24.6 per cent stake in No.4 paper maker Daio Paper Corp, citing"the lack of synergies achieved which might have justified the risks involved in holding such a single large investment". A Hokuetsu spokesperson said no comment was immediately available as the company was checking the content of Oasis' statement.
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