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Franchise Partners Outlines Opportunities for Value Creation at Kirin Holdings
Calls for independent review and reversal of diversification strategy

Sees potential to reduce substantial conglomerate and capital allocation discounts by refocusing on core beer markets

Proposes disposal of stakes in publicly listed, non-core holdings in Kyowa Kirin Co., Ltd and FANCL Corporation

Raises questions about Company’s proposed overhaul of its board

Submits shareholder proposals for upcoming Annual General Meeting