Asset Value Investors has submitted a shareholder proposal warning of a potential de-listing of construction paint maker SK Kaken from the Tokyo Stock Exchange.
AVI said the company's poor share price performance and low valuation could warrant a de-listing. In a regulatory filing, it explained that despite being a high-quality business with a "dominant share" of the domestic market, SK Kaken trades on a EV/EBIT ratio of less than 0.8x and has a price-to-book ratio of 0.8x. AVI voices concerns on the 'credibility' of Fujitec directors following AGM 'debacle' AVI added that over the last five years, the company's share price has fallen 19%, compared with a 13% increase for its domestic peers and a 31% rise for the Tokyo Stock Price index. ...
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