Reviewing the Rationale for and Reducing Cross-Shareholdings
First written in FY2019. 4 of 7 entries say "Advanced", first in FY2021. Latest entry: FY2026.
- FY2026AdvancedAnnual report
「During the current fiscal year, following a review of its shareholdings, the Company sold all of its shares.」
The company sold all shares in 高砂熱学工業 and 芦森工業 held as strategic shareholdings, for total sale proceeds of ¥1,999 million. The company continues to verify the rationale for its holdings and implement its policy of reducing them. - FY2025RestatedAnnual report
「For investment securities held for purposes other than pure investment, the Company verifies for each individual issue whether the intended results have been achieved in terms of business synergies from the holding and contribution to earnings. From the standpoint of cost of capital, it also comprehensively considers the issuing company's performance, holding costs and share price, among other factors, to closely examine holding risks and medium- to long-term economic rationality. After verifying that the holding ratio and acquisition amount do not exceed what is reasonably necessary, the Board of Directors decides whether to continue holding the securities.」
For strategic shareholdings, the company explicitly added cost of capital, the rationale for the holding ratio and the acquisition amount to the existing review items, including results, holding costs and share price. During the current fiscal year, it held 23 listed issues and 12 unlisted issues; no sold issues are disclosed. - FY2023AdvancedAnnual report
「During the current fiscal year, following a review of its shareholdings, the Company sold all of its shares.」
Following a review of strategic shareholdings, the company sold all shares in セントラル硝子 and 帝人. - FY2022AdvancedAnnual report
「During the current fiscal year, following a review of its shareholdings, the Company sold all of its shares.」
The company sold all 3,900 shares of 豊田通商 held as a strategic shareholding. This adds an example of verifying the rationale for an individual holding and implementing the policy of reducing holdings. - FY2021AdvancedAnnual report
「During the current fiscal year, following a review of its shareholdings, the Company sold all of its shares.」
The disclosure states that, following a review of strategic shareholdings, all shares in オークマ and 津田駒工業 were sold. - FY2020RestatedAnnual report
「For investment securities held for purposes other than pure investment, the Company annually and regularly confirms, for each individual issue, whether the intended results have been achieved. After comprehensively considering the issuing company's performance, holding costs and share price, among other factors, it closely examines and verifies holding risks and medium- to long-term economic rationality, and the Board of Directors decides whether to continue holding the securities. As a result, the Company will reduce holdings of securities judged to have no significance.」
The company has reaffirmed its policy of reviewing strategic shareholdings on an individual-issue basis and reducing holdings deemed to have no significance. No specific sale results are disclosed. - FY2019First statedAnnual report
「For investment securities held for purposes other than pure investment, the Company annually and regularly confirms, for each individual issue, whether the intended results have been achieved. After comprehensively considering the issuing company's performance, holding costs and share price, among other factors, it closely examines and verifies holding risks and medium- to long-term economic rationality, and the Board of Directors decides whether to continue holding the securities. As a result, the Company will reduce holdings of securities judged to have no significance.」
For strategic shareholdings held for purposes other than pure investment, the company has, for the first time, explicitly stated a policy of reviewing each issue's results, holding costs, share price, holding risks and medium- to long-term economic rationality, and reducing holdings deemed to have no significance.