Tokyo Dome considers shareholder meeting as it faces activist pressure

Tokyo Dome Corp, the owner of the home stadium for Japan's popular Yomiuri Giants baseball club, said on Tuesday it is considering to hold an extraordinary shareholders meeting to discuss a request from an activist fund.

By Junko Fujita

TOKYO, Oct 20 (Reuters) - Tokyo Dome Corp 9681.T, the owner of the home stadium for Japan's popular Yomiuri Giants baseball club, said on Tuesday it is considering to hold an extraordinary shareholders meeting to discuss a request from an activist fund.

Tokyo Dome is facing a shareholder activism from Hong Kong-based fund Oasis Management, which has been seeking better management of the company's facilities including the Tokyo Dome stadium as well a hotel and theme park in the complex.

Tokyo Dome said on Monday Oasis is seeking an extraordinary shareholders meeting, aiming to remove three board members including its president Tsutomu Nagaoka.

Oasis's move comes as Tokyo Dome last month flagged its first annual net loss in 10 years as its earnings was hurt by the delay in Japan's professional baseball opening as well as cancellation of other events amid the outbreak of the coronavirus.

Oasis, through its website, has said that Tokyo Dome failed to capitalize on growing foreign tourism in Japan as well as popularity of the Yomiuri Giants as its facilities are undermanaged.

But Japan's foreign tourism boom ended as people stopped traveling in the wake of the pandemic.

Oasis has been making various proposals to Japanese companies and put pressures on management as shareholder activism has been gaining momentum with the government advocating strengthening corporate governance.

"We have started considering whether or not to hold the extra shareholders meeting in December," Tokyo Dome said in a statement on Tuesday.

Officials of Oasis management were not immediately available for comment.

(Reporting by Junko Fujita, editing by Louise Heavens)

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