Steel Partners soliciting letters of proxy against Sapporo+

TOKYO, March 8 Kyodo -
U.S. investment fund Steel Partners Japan Strategic Fund (Offshore) L.P. said
Monday it is soliciting letters of proxy from other shareholders of Sapporo
Holdings Ltd. to drum up support for its proposal for a new board of directors.
Steel Partners, Sapporo's biggest shareholder with a stake of about 18 percent,
began sending letters to shareholders last Saturday to seek their support for
the proposal toward Sapporo's general shareholders meeting to be held March 30.
Steel Partners commenced the campaign as Sapporo has rejected the proposal made
in late January to replace six of 10 board members with ones nominated by the
U.S. fund.
In the letter to shareholders, Steel Partners said, ''We believe that poor
board oversight and poor management are the root cause of these problems.''
The fund also said it will hold information meetings with shareholders in seven
Japanese cities including Tokyo, Nagoya and Osaka to gain their support from
Friday.
==Kyodo