Sapporo Must Address Underperformance, Activist Investor 3D Says

Sapporo Holdings Ltd. needs to address “prolonged underperformance” and explore new ways to increase the valuation of the company, investor 3D Investment Partners Pte wrote in a letter to the Japanese brewer.

Outside directors should seek out opinions and ideas from shareholders to “fundamentally reexamine” Sapporo’s management policies, the Singapore-based fund said in a release on Tuesday disclosing the Nov. 3 letter. Sapporo’s outside directors have constantly ignored requests to consider ways to unlock and compound value, the investment firm added.

3D said it was one of Sapporo’s major shareholders, but declined to disclose its holding. A representative for Sapporo ...