Tokyo Gas , Japan's top city gas provider, plans to direct more than half of the 350 billion yen ($2.3 billion) it has earmarked for overseas investments over the next three years to the U.S. to drive growth, CEO Shinichi Sasayama said.
Tokyo Gas , Japan's largest city gas supplier, said on Monday it sold its U.S.-based subsidiary, TVL LLC, involved in gas development and production to Grayrock Energy for $255 million.
Tokyo Gas aims to nearly double its net profit in the 2026 fiscal year and plans to expand in the United States, Japan's biggest city gas provider said in a medium-term management plan released on Wednesday.
Tokyo Gas , Japan's biggest city gas supplier, will sell its 25% stake in an Eagle Ford shale gas project in south Texas to Shizuoka Gas for $130 million under an asset portfolio review to improve efficiency, it said on Friday.
Tokyo Gas has identified assets, including from its vast real estate portfolio, to be sold to fund growth investments, its president said, as the company faces pressure from U.S. activist investor Elliott Management.
Tokyo Gas shares rose sharply after activist investor Elliott Investment Management disclosed that it built a stake in the Japanese utility company.
U.S. hedge fund Elliott Management Corp has taken a stake of 5.03% in Tokyo Gas , a regulatory filing showed on Tuesday.
Tokyo Gas , Japan's biggest city gas provider, on Wednesday posted 17.2 billion yen ($112 million) in first-half net profit to end-September, down 84% from the same period a year earlier, hit by rising expenses and other costs.