On May 12, 2023, Kumagai Gumi Co., Ltd., announced in its press release that it has decided to oppose the proposals submitted by Oasis Investments II Master Fund Ltd. for the General Meeting of Shareholders to be held in June 2023. The proposals are as follows, (i) Acquisition of Treasury Stock: Acquire a total of 8,790,000 stocks at an acquisition price of 23.72 billion Yen, (ii) Appropriation of Surplus: 188 Yen, less the dividends from retained earnings per share of common stock, (iii) Amendment to Articles of Incorporation (Establishment of Strategic Review Committee). The company has opposed the proposals with the following statements, (i) Implementing the share repurchase would significantly undermine the stability of the group's financial base and would be detrimental to shareholder interests, (ii) The proposed dividend is at an excessive level and not in line with the company's basic dividend policy, (iii) Such an amendment can result in rigidity in management decision making and impair the flexibility of management.