Strategic Shareholdings and Board Review of Their Rationale
First written in FY2019. 8 of 9 entries say "Advanced", first in FY2020. Latest entry: FY2026.
- FY2026AdvancedAnnual report
「Among the issues whose number of shares decreased during the current fiscal year: shares other than unlisted shares, 3 issues, 398 shares…Murata Manufacturing Co., Ltd.: all shares sold during the current fiscal year…Niterra Co.,Ltd.: all shares sold during the current fiscal year…TAIYO YUDEN CO.,LTD.: all shares sold during the current fiscal year.」
The company executed the planned sales of cross-shareholdings from the perspectives of capital efficiency, resource allocation and strengthened governance, selling 3 listed issues and recording a sales value of ¥398 million and a gain on sale of ¥267 million. - FY2026-H1AdvancedAnnual report
「The company resolved on 31 October 2025 to sell a portion of its investment securities. As a result, it expects to record a gain on the sale of investment securities as an extraordinary gain. (1) Shares to be sold: 3 listed securities held by the company (2) Sale period: November 2025 to December 2025 (planned) (3) Gain on sale of investment securities: approximately ¥270 million (expected)」
The policy of reviewing cross-shareholdings and improving capital efficiency progressed to a specific resolution to sell 3 listed securities between November and December 2025. The company expects a gain on sale of approximately ¥270 million. - FY2025AdvancedAnnual report
「At a meeting of the Board of Directors held in March 2025, the company resolved to pursue the sale of certain "general investment shares" from the perspectives of improving capital efficiency, optimizing the allocation of management resources and strengthening corporate governance. The company will determine details such as the timing of the sales and then proceed with them.」
In addition to continuing its annual reviews of the rationality of cross-shareholdings, the company resolved at a Board of Directors meeting to sell certain issues from the perspectives of capital efficiency, resource allocation and strengthened governance. - FY2024AdvancedAnnual report
「※Although it is difficult to disclose the quantitative benefits of the holdings, the Board of Directors annually assesses each issue using the purpose of the holding, the amount of benefits associated with the holding and its relationship to the cost of capital, among other criteria, and confirms the rationality of continued ownership and whether the number of shares should be reviewed. As a result of the review as of 31 March 2024, the company confirmed that all currently held cross-shareholdings were held for purposes consistent with its holding policy.」
The company conducted an issue-by-issue review of its cross-shareholdings as of 31 March 2024 and confirmed the rationality of continued ownership based on the purpose of the holding, the amount of benefits, the relationship to the cost of capital and a review of the number of shares. - FY2023AdvancedAnnual report
「※Although it is difficult to disclose the quantitative benefits of the holdings, the Board of Directors annually assesses each issue using the purpose of the holding, the amount of benefits associated with the holding and its relationship to the cost of capital, among other criteria, and confirms the rationality of continued ownership and whether the number of shares should be reviewed. As a result of the review as of 31 March 2023, the company confirmed that all currently held cross-shareholdings were held for purposes consistent with its holding policy.」
As of 31 March 2023, the company reviewed its cross-shareholdings individually by issue and confirmed that its current holdings were consistent with its holding policy. - FY2022AdvancedAnnual report
「Each fiscal year, the company verifies the significance of holding each individual cross-shareholding. Based on the verification as of 31 March 2022, it confirmed that all currently held cross-shareholdings are held for purposes consistent with its holding policy.」
The company conducted an individual review of its cross-shareholdings as of 31 March 2022 and confirmed that they were held in accordance with its holding policy. - FY2021AdvancedAnnual report
「Each fiscal year, we verify the significance of holding each cross-held share. Based on the results of the verification as of 31 March 2021, we confirmed that all cross-held shares currently held are held for purposes consistent with our holding policy.」
The company conducted an individual review of its cross-shareholdings as of 31 March 2021 and confirmed that they were held in accordance with its holding policy. - FY2020AdvancedAnnual report
「The company verifies the significance of its cross-shareholdings individually each fiscal year. Based on the review as of 31 March 2020, it confirmed that all currently held cross-shareholdings were held for purposes consistent with its holding policy.」
The company conducted an individual review of its cross-shareholdings as of 31 March 2020 and confirmed that they were held in accordance with its holding policy. - FY2019First statedAnnual report
「The company may acquire and hold shares in companies other than affiliated companies as "general investment shares," primarily to maintain and develop business relationships, conduct joint research and development, facilitate smooth business operations and enhance corporate value over the medium to long term. So-called cross-shareholdings are included in these "general investment shares." After acquisition, the Board of Directors deliberates and decides annually, on an individual basis, whether continued ownership is appropriate, considering the effects, significance and rationality of the holding and its impact on the company's finances.」
The company states that it holds cross-shareholdings to maintain business relationships, conduct joint research and development and enhance corporate value, and that the Board of Directors reviews the rationality of continued ownership each year.