Oasis unloads Tsuruha shares to AEON

Oasis said Tsuruha has failed to demonstrate any progress on consolidation.

Hong Kong-based firm Oasis Management Company Ltd. has entered into an agreement with AEON Co., Ltd. to sell 13.6% of its stake in retail drugstore firmTsuruha Holdings Inc. after Tsuruha failed to make any progress on consolidating the business.

Oasis has been engaged with Tsuruha since 2022, advancing multiple proposals to Tsuruha to improve the business. However, throughout the engagement, Oasis said Tsuruha has failed to demonstrate any progress on consolidation, which Oasis believes to be the company’s most important management issue. 

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Because of this, Oasis has opted to sell its shares to Aeon, who also owns Welcia Holdings Co., Ltd., Japan’s largest drugstore chain, and has a track record of leading drugstore consolidation in Japan.

Oasis said it believes that the sale of the Tsuruha shares it owns to Aeon will not only contribute to the enhancement of Tsuruha’s corporate and shareholder value but also be beneficial for the wider society.