Reduction of Strategic Shareholdings and Review of Holdings Based on Cost-of-Capital Criteria
First written in FY2023. 3 of 6 entries say "Advanced", first in FY2024-Q2. Latest entry: FY2026.
- FY2026AdvancedAnnual report
「As of the end of March 2026, the Company held 19 policy-held shares valued at ¥1,550 million, and the ratio of the amount recorded on the year-end balance sheet for policy-held shares to consolidated net assets was 1.4%.」
Cross-shareholdings were reduced to 19 issues, ¥1,550 million, or 1.4% of consolidated net assets. The Company sold 2 issues and continues its policy of not holding such shares in principle and its annual review based on the cost of capital. - 2026-05-28AchievedGeneral Meetings of Shareholders
「As of the end of March 2026, the Company held 19 policy-held shares valued at ¥1,550 million, and the ratio of the amount recorded on the year-end balance sheet for policy-held shares to consolidated net assets was 1.4%.」
Regarding the reduction of policy-held shares, the Company disclosed the number of holdings, their value and their ratio to net assets, reporting a result well below its previous target of less than 10%. - FY2025AdvancedAnnual report
「Issues whose number of shares decreased during the fiscal year Unlisted shares 5 1 Shares other than unlisted shares 1 3,992」
The Company sold 5 unlisted issues and 1 listed issue among its cross-shareholdings, recording proceeds of ¥3,992 million from the sale of listed shares. - FY2024Continued sale of cross-shareholdings and temporary increase in the reduction target ratioAnnual report
「As of the end of the third quarter of fiscal 2023, the Company had reduced its cross-shareholdings to 8.7%. However, mainly due to the effect of rising share prices, the ratio of their year-end balance-sheet carrying amount to consolidated net assets was 10.0%.」
The Company sold 2 unlisted issues and 4 listed issues, with total proceeds from the sale of cross-shareholdings reaching ¥4,627 million. However, due to the effect of rising share prices, the ratio to consolidated net assets increased from the target of less than 10% to 10.0%. - FY2024-Q2AdvancedAnnual report
「As a general principle, the Company's shareholder return policy is to increase dividends in line with the expansion of business profit while balancing this with investment in the growth strategies of the Group. The purpose of the current share repurchase is to flexibly return to shareholders a portion of the funds obtained through measures to improve capital efficiency, including the sale of cross-shareholdings.」
The Company has specified its policy of allocating a portion of the funds obtained through measures to improve capital efficiency, such as the sale of cross-shareholdings, to shareholder returns through share repurchases. - FY2023First statedAnnual report
「As a basic policy, the Company does not, in principle, hold cross-shareholdings. In principle, the Company does not make new acquisitions, and for shares that it unavoidably continues to hold, the Board of Directors rigorously verifies their rationality each year through quantitative evaluations of whether the holding purpose and benefits from dividends and transactions are commensurate with the cost of capital, as well as assessments of business relationships and other factors. Under this policy, the Company's near-term target is to reduce the carrying amount of cross-shareholdings on the year-end balance sheet to less than 10% of consolidated net assets.」
The Company has for the first time explicitly stated its policy of not holding cross-shareholdings in principle, its annual review by the Board of Directors based on the cost of capital, and its target of reducing them to less than 10% of consolidated net assets.