Singapore-based 3D Investment Partners has become the largest shareholder in Japanese beverages manufacturer Sapporo Holdings after increasing its stake several times in recent months.

In October last year, Sapporo launched a strategic review of its business, having come under pressure from shareholders, including 3D, unhappy with stagnant growth.

Since then, 3D has increased its shareholding multiple times. It held 5.09% until around the end of October but now holds 15.97%, according to filings.

A Sapporo statement said 3D’s share of voting rights has reached 16.19%, taking it above former leading shareholder The Master Trust Bank of Japan.

Separately, a spokesperson for Sapporo said “we will continue to work to explain our medium-term strategy that aims to improve corporate value to gain the understanding of all of our shareholders.”

3D had previously criticised Sapporo for what it said was an undue focus on its real estate business and suboptimal capital allocation which 3D said hinders growth in the core alcoholic beverage business.

Reuters