In Tokyo, a board candidate supported by Sapporo Holdings Ltd's largest shareholder is calling for more transparency regarding the company's plans to sell off a portion of its sizable real estate assets. Paul Brough, endorsed by Singapore-based 3D Investment Partners and with past experience at Toshiba, highlighted the need for better communication with shareholders, pointing out the company's strong brands but struggling financial performance. Despite Sapporo's opposition to Brough's nomination due to perceived conflicts of interest, proxy advisory firms Glass Lewis and ISS have supported him as an independent director. Sapporo has disclosed receiving multiple proposals for capital injection into its real estate business and plans to finalize a decision by year-end. 3D Investment Partners, with a stake exceeding 19% in Sapporo, has been critical of the company's management since 2022. In the past, Sapporo faced a takeover attempt in 2017, prompting calls for restructuring and better capital management. The upcoming annual shareholders meeting on March 28 will be a crucial event where Brough aims to advocate for utilizing proceeds from real estate sales for strategic moves like acquisitions, buybacks, or special dividends.