May 25, 2026
Rising Sun Management (RSM), an affiliate of Dalton Investments, has submitted a shareholder proposal to Bunka Shutter Co., Ltd. (“Bunka Shutter”) ahead of the company’s upcoming AGM in June 2026.
We are releasing presentation materials outlining our proposal and concerns.
Bunka Shutter’s core shutter business holds the second-largest market share in Japan, with strong competitive positioning and attractive long-term growth potential. Through our engagement with the company, management demonstrated a constructive approach toward the capital markets, which had been positively received by investors.
That progress, however, has been undermined since the company announced plans to introduce a poison pill defense in September 2025, which has significantly deteriorated corporate value.
To improve governance and support long-term shareholder value creation, we are proposing two independent outside director candidates.
Please find the presentation materials here