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Elliott Investment Management (Elliott), which manages funds holding over 3% ownership in Sumitomo Realty & Development (OTCMKTS: SURYY), has issued a statement regarding the company's 2025 Annual General Meeting results. Elliott, one of Sumitomo Realty's largest shareholders, highlighted concerns about the low approval rate for senior management during the meeting.
Despite acknowledging Sumitomo Realty's high-quality portfolio, Elliott emphasized that the company remains Japan's most undervalued real estate developer. The investment firm pointed to several critical issues requiring urgent attention, including poor shareholder returns, excessive cross-shareholdings, insufficient capital efficiency focus, and subpar corporate governance.
