Edinburgh-based aviation logistics and news distribution company John Menzies is facing a new demand from investors to split the firm in two, according to Reuters.

The fresh demands came from German activist Shareholder Value Management on Monday, which is also demanding that Menzies hire an independent chair.

Frankfurt-based Shareholder Value Management has bought a 7%-plus stake in Menzies through sub-fund Frankfurter Aktienfonds für Stiftungen.

“The sum of the values of the two businesses, taken separately, far exceeds the current market price,” Shareholder Value Management analyst Gianluca Ferrari said.

Reuters said that Menzies’ largest investor, Kabouter Management, and Swiss investment firm Lakestreet Capital Partners last April issued separate statements saying Menzies’ current structure caused its share price to be undervalued.

John Menzies did not immediately comment.