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    3751   JP3385840008

JAPAN ASIA GROUP LIMITED

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Japan Asia : Veteran activist Murakami gains majority in Japan Asia Group

07/31/2021 | 04:04am EDT

TOKYO (Reuters) - A Japanese fund backed by veteran activist investor Yoshiaki Murakami will gain a majority in Japan Asia Group (JAG) as a result of a tender offer that closed on Friday, according to a filing by the energy and environmental services firm.

Murakami's fund City Index Eleventh will increase its stake in JAG to 58.96% from 15.35%, the filing said on Saturday, bringing the total holdings to about 75% when combined with shares held by parties related to the fund.

City Index Eleventh began building a stake in JAG while Carlyle Group teamed up with JAG chairman and CEO Tetsuo Yamashita in a proposed management buyout in November. Carlyle withdrew in February after City Index Eleventh offered a higher bid to buy the rest of the shares.

Murakami is one of Japan's few, well-known activist shareholders. His typical strategy includes building up a stake in a company in the middle of a takeover and demanding that management boost its sale price.

(Reporting by Makiko Yamazaki; Editing by Raju Gopalakrishnan)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
JAPAN ASIA GROUP LIMITED 0.10% 967 End-of-day quote.24.61%
THE CARLYLE GROUP INC. 0.98% 47.48 Delayed Quote.49.55%
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Financials
Sales 2021 91 146 M 832 M 832 M
Net income 2021 -310 M -2,83 M -2,83 M
Net Debt 2021 76 494 M 699 M 699 M
P/E ratio 2021 -84,7x
Yield 2021 -
Capitalization 25 980 M 238 M 237 M
EV / Sales 2020 0,85x
EV / Sales 2021 1,13x
Nbr of Employees 4 605
Free-Float 18,0%
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Managers and Directors
Tetsuo Yamashita Chairman & President
Shinya Ishikawa Manager-Finance
Koji Tanabe Independent Outside Director
Satoshi Yasugi Independent Outside Director
Shinichi Nishida Director
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