Elliott Statement on Tokyo Gas Co., Ltd.

LONDON, Feb. 3, 2025 /PRNewswire/ -- Elliott Investment Management, L.P. and Elliott Advisors (U.K.) Limited ("Elliott," or "we"), which together advise funds that have a substantial investment in Tokyo Gas Co., Ltd. ("Tokyo Gas" or "the Company"), today issued the following statement:

"We welcome Tokyo Gas's decision to expand its buyback program and implement additional measures to enhance capital efficiency and accelerate growth. We view these measures as meaningful first steps to unlock the substantial value embedded in Tokyo Gas's asset base, and we believe this plan demonstrates the Company's commitment towards value creation. We also support the establishment of the Corporate Value Enhancement Committee, and we anticipate the results of the Company's review of Tokyo Gas's non-core assets for divestment – including its extensive and underappreciated real estate holdings – to be announced at the comprehensive investor update in March. We look forward to continuing our engagement with the Company."