Elliott says Kansai Electric can become more attractive by selling non-core assets

Tokyo, September 11 (Reuters) -Kansai Electric Power shareholder investor Elliott Management, Japanese public service by selling non-core assets and increasing profitability and shareholders can be a more attractive long-term investment, he said.

Elliott, Wednesday, said in a statement on Wednesday, Japan’s largest nuclear energy operator Kansai Electric’s largest nuclear energy operator has become one of 4% to 5% by online reactors.

In a statement published from London on Wednesday, Elliott said he was looking forward to working with Kansai Electric’s management and other key stakeholders to strengthen the company’s basic business.

“We believe that the company can increase financing flexibility for future growth by increasing the shareholder returns, unlocking the capital from non -nuclear assets and increasing profitability and increasing its charm as a long -term investment proposal.” He said.

Elliott wants Kansai Electric to raise 100 Yen per share per share to 60 Yen per share and to increase the purchase of shares by selling non -core assets according to the source who knows the issue that is not authorized to speak openly to the public.

Source, Elliott in the company more than 1 trillion real estate and a construction company, including a share of more than 2 trillion ($ 13.58 billion dollars) worth of nuclei detected assets, he said.

Elliott’s statement did not give details about his shares in Kansai Electric or other special offers. Kansai Electric did not respond immediately to the request for comments.

Elliott had a pressure to increase Japanese companies’ shareholders and corporate value, and receives shares in various companies such as Tokyo GAS, Sumitomo Corp and Dai Nippon Printing.

In addition to energy business, Kansai Electric has CT and real estate assets among others, but it aims to nuclear energy as the main source of profit growth close to the environment. This financial year is planning to keep the dividend per share in the 60 Yen, despite a 30% decrease in 295 billion Yen.

Kansai Electric said in July that the Tokyo Electric Power has started surveys for a new nuclear energy reactor in Mihama Electrical Power Plant in Japan, the first concrete step that has built a new nuclear power reactor since 2011 at the Fukushima factory. ($ 1 = 147.2800 Yen) (Reporting by Katya Golubkova; editing by Jamie Freed)