A UK-based activist fund is urging the Keisei Electric Railway to reduce its stake in the Oriental Land Company, the owners of Tokyo Disney Resort.

According to Financial Times, Palliser Capital is pushing the Japanese rail operator to sell some of their shares and use the proceeds to focus on running and modernizing their railway. Keisei has a 22% stake in Oriental Land Co., with a market value of about $12 billion. Palliser in turn has a 1.6% stake in Keisei.

Palliser’s campaign is part of a larger effort by investors pressuring various Japanese companies to improve governance and raise value. Investors are focusing on non-core holdings, although Keisei insists their stake in Oriental Land Co. is core because the businesses are complementary, a source told Financial Times.

Tokyo Disney Resort has been busy with announcements and projects recently as they celebrate their 40th anniversary. Next summer, they will open Fantasy Springs, a major expansion to Tokyo DisneySea featuring “Frozen,” “Tangled,” and “Peter Pan.” A completely new Space Mountain is under construction, with an expected opening in 2027. Next month, Tokyo Disney Resort will launch a mobile order service for the first time. Earlier this year, they re-introduced their line-skipping pass, and are currently the only Disney resort with a free line-skipping service.

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