Risk of foreign ownership restrictions and loss of management control in the Philippines
First written in FY2019. 3 of 5 entries say "Restated". Latest entry: FY2026.
0 other companies' latest entry also says "Restated".
- FY2026RestatedAnnual report
「In the Philippines business, maintaining and expanding management control is difficult for the group to achieve independently, making cooperation with partners who are individuals of Philippine nationality or Philippine-owned corporations essential.」
The company reconfirms that cooperation with local partners is essential to maintaining management control under Philippine foreign ownership restrictions. - FY2023RestatedAnnual report
「NexSeed Inc. is subject to foreign ownership restrictions because it has obtained certification from the Technical Education and Skills Development Authority. Its issued shares are held 40.0% by the company's subsidiary シードテック株式会社 and the remaining 60.0% by local partners who are individuals of Philippine nationality.」
The company reconfirms the ownership structure of 40.0% for シードテック株式会社 and 60.0% for local partners, as well as the maintenance of management control through local directors under foreign ownership restrictions. - FY2022RestatedAnnual report
「NexSeed Inc. has obtained certification from the Technical Education and Skills Development Authority (qualification for education providers), making it subject to these foreign ownership restrictions. Its shares are held 40.0% by the company's subsidiary シードテック株式会社 and 60.0% by individuals of Philippine nationality with whom the company has a relationship of trust. In addition, the company maintains management control by appointing as directors individuals of Philippine nationality with whom it has built a relationship of trust over many years.」
The company reconfirms that シードテック株式会社 holds 40.0% under the 40.0% foreign ownership cap and that management control is maintained through relationships of trust with local shareholders and directors. - FY2021MitigatedAnnual report
「The shares of NexSeed Inc. are held 40.0% by the company's subsidiary シードテック株式会社, while the remaining 60.0% is held by individuals of Philippine nationality with whom the company has a relationship of trust. In addition, the company maintains management control by appointing as directors individuals of Philippine nationality with whom it has built a relationship of trust over many years.」
The company specifies that シードテック株式会社 holds 40.0% and that local directors have been appointed, providing a concrete response to maintain management control under foreign ownership restrictions. - FY2019First statedAnnual report
「For public utilities in the Philippines, foreign ownership is capped at 40%. The company's direct interest in NexSeed Inc. is 39.8%, while the remaining 60.2% is held by Japanese employees of NexSeed Inc. and individuals of Philippine nationality with whom the company has a relationship of trust.」
Cooperation with local shareholders and directors is required to comply with the 40% foreign ownership cap, and the company identifies the loss of management control if relationships deteriorate as a risk.