TOKYO, Nov 28 (Reuters): Tokyo Gas aims to enhance capital efficiency by selling underperforming assets, including real estate, its president said on Thursday, following a filing disclosure of a 5 per cent stake investment by US activist investor Elliott Management.
Elliott has taken a 5.03 per cent stake in Tokyo Gas, a regulatory filing showed earlier this month, as it seeks to push Japan's biggest city-gas provider to boost shareholder value.
Tokyo Gas President Shinichi Sasayama, in a news conference to provide a business update, declined to comment on details of the company's dialogue with Elliott, but said the utility is looking to improve capital efficiency through various ways including reviewing and offloading assets that are low in efficiency. "We will review and better utilize... not only real estate, but also any assets that are not efficient, to improve our capital efficiency," he said.
Reuters reported in October that Tokyo Gas is in talks with Woodside Energy over taking a stake in a multi-billion-dollar Louisiana liquefied natural gas (LNG) export project, quoting two people familiar with the discussions.
Tokyo Gas to boost capital efficiency with asset sales
FE Team | Published: November 29, 2024 23:45:38
Tokyo Gas to boost capital efficiency with asset sales
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