Progressive Reduction of Strategic Shareholdings and Capital Efficiency Review
First written in FY2019. 4 of 5 entries say "Advanced", first in FY2022-Q3. Latest entry: FY2026.
- FY2026AdvancedAnnual report
「This was carried out at the Board of Directors meeting held on 21 May 2025 during the fiscal year.」
The Board of Directors continued to review the appropriateness of each individual cross-shareholding. During the fiscal year, 2 listed shareholdings were sold, generating total proceeds of ¥232 million. - FY2024AdvancedAnnual report
「Shares other than unlisted shares 2 325」
Regarding cross-shareholdings, 2 listed shareholdings were sold during the fiscal year, generating total proceeds of ¥325 million. We continued the practice of reviewing the appropriateness of each holding annually at Board of Directors meetings, taking into account the cost of capital, transaction value and dividends, and strategic importance. - FY2022AdvancedAnnual report
「To improve capital efficiency, we plan to progressively reduce our investment shares after sufficient dialogue with the relevant counterparties.」
The policy of reducing cross-shareholdings continued. During the fiscal year, 6 listed shareholdings were sold, with total proceeds of ¥910 million. - FY2022-Q3AdvancedAnnual report
「The shares mutually held with KEE環境工事㈱ ceased to qualify as mutually held shares during the current third-quarter accounting period because the company sold all of its shares in us.」
KEE環境工事㈱ sold all of its shares in us, so they no longer qualify as mutually held shares. This represents concrete progress in reducing cross-shareholdings and mutually held shares. - FY2019First statedAnnual report
「To improve capital efficiency, we plan to progressively reduce our investment shares after sufficient dialogue with the relevant counterparties. Each year, the Board of Directors also verifies, for each individual issue, the rationale for holding the shares and whether the benefits and risks associated with holding them are commensurate with the cost of capital and other factors.」
The policy on cross-shareholdings was explicitly stated as reducing holdings following dialogue with the relevant counterparties and verifying their appropriateness against the cost of capital at Board of Directors meetings.