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"We welcome Tokyo Gas's decision to expand its buyback program and implement additional measures to enhance capital efficiency and accelerate growth. We view these measures as meaningful first steps to unlock the substantial value embedded in Tokyo Gas's asset base, and we believe this plan demonstrates the Company's commitment towards value creation. We also support the establishment of the Corporate Value Enhancement Committee, and we anticipate the results of the Company's review of Tokyo Gas's non-core assets for divestment - including its extensive and underappreciated real estate holdings - to be announced at the comprehensive investor update in March. We look forward to continuing our engagement with the Company."
About Elliott
Elliott Investment Management L.P. (together with its affiliates, "Elliott") manages approximately $69.7 billion of assets as of June 30, 2024. Founded in 1977, it is one of the oldest funds under continuous management. The Elliott funds' investors include pension plans, sovereign wealth funds, endowments, foundations, funds-of-funds, high net worth individuals and families, and employees of the firm. Elliott Advisors (UK) Limited is an affiliate of Elliott Investment Management L.P.
Media Contacts:
London
Alice Best
Elliott Advisors (UK) Limited
T: +44 203 009 1715
Tokyo
Brett Wallbutton
Ashton Consulting
T: +81 (0) 3 5425-7220