Review of the Rationale for Holding Strategic Shareholdings and Consideration of Reductions
First written in FY2019. 3 of 4 entries say "Restated". Latest entry: FY2026.
- FY2026RestatedAnnual report
「During the current fiscal year, the Board of Directors discussed the matter at its meeting held on 25 June 2025 and determined that continuing to hold the shares was appropriate.」
For cross-shareholdings, the company reviewed the purpose of holding them, transaction conditions and capital efficiency through the Board of Directors and reaffirmed its decision to continue holding shares in 持田製薬株式会社. - FY2024RestatedAnnual report
「During the current fiscal year, the Board of Directors discussed the matter at its meeting held on 21 June 2023 and determined that continuing to hold the shares was appropriate.」
For cross-shareholdings, the company reviewed the purpose of holding them, transaction conditions and capital efficiency through the Board of Directors and reaffirmed its decision to continue holding shares in 持田製薬株式会社. - FY2020RestatedAnnual report
「The Board of Directors will review the purpose of holding cross-shareholdings, transaction conditions and capital efficiency, and determine whether each holding is appropriate.」
The company reaffirmed its policy that cross-shareholdings are held to support long-term collaboration with partner companies, and that the purpose of holding them, transaction conditions and capital efficiency will be reviewed by the Board of Directors. - FY2019First statedAnnual report
「For holdings deemed unlikely to contribute significantly to enhancing corporate value, the company will consider selling them while taking into account the impact on the market and business-related circumstances. The Board of Directors will assess whether to continue holding cross-shareholdings by reviewing the impact on business relationships, the returns from businesses with partner companies, and the results of comparing the company's cost of capital with dividend yields, and will determine whether each holding is appropriate.」
The company first explicitly stated its policy that cross-shareholdings are held to support collaboration with partner companies and enhance corporate value, and that continued holding or sale will be determined through comparison with the cost of capital.