AGP「非ひ上場じょうじょう化か」議案ぎあん可決かけつ 筆頭ひっとう株主かぶぬしの日本にっぽん航空こうくう提案ていあん 会社かいしゃは反対はんたい

The general shareholders’ meeting of “AGP,” a company responsible for power supply and other services at airports, was held on the 26th. A proposal submitted by Japan Airlines, AGP’s largest shareholder and business partner, calling for the company to be delisted, was approved with more than two-thirds in favor.

The company opposed this proposal, resulting in an unusual situation where it was at odds with its largest shareholder, but it failed to gain support.

AGP is a listed company that supplies power necessary for aircraft at airports across the country, among other businesses. However, Japan Airlines, one of its business partners and the largest shareholder holding over 29% of its shares, submitted a proposal requesting the company to go private, stating that constructive dialogue with the company has become difficult.

On the other hand, the company opposed this proposal, resulting in an unusual situation where the company and its largest shareholder were at odds.

At the shareholders meeting on the 26th, company president Takehisa Sugita once again expressed his opposition to the proposal, stating, The structure forces out shareholders other than major ones and severely lacks accountability to minority shareholders. However, he did not gain support, and the proposal was approved with more than two-thirds of the votes in favor, including those from other major shareholders such as ANA Holdings.

The company will proceed with procedures for delisting in September of this year.

At the shareholders meetings of listed companies, which are peaking this week, many proposals have been submitted by so-called activist shareholders who strongly demand management reforms. In addition, as seen this time with proposals coming from business partners as well, shareholder proposals are becoming increasingly proactive.