Review of the Rationale for Strategic Shareholdings and Their Sale
First written in FY2020. 4 of 7 entries say "Advanced", first in FY2025. Latest entry: FY2026.
- FY2026AdvancedAnnual report
「To achieve management that is conscious of the cost of capital and share price, we proceeded with the sale of policy-held shares, reducing their ratio to consolidated net assets from 14.8% at 31 March 2025 to 11.3% at 31 March 2026. Although we sold the planned number of shares, the target of less than 10% was not reached because the market value of the shares held increased. We therefore changed the target deadline to 31 March 2027 and will continue reducing these holdings.」
We sold 9 issues other than unlisted shares among the policy-held shares, reducing their ratio to consolidated net assets from 14.8% to 11.3%. The target of less than 10% was not achieved, and the deadline was changed to 31 March 2027. - FY2025AdvancedAnnual report
「In addition, to achieve management that is conscious of the cost of capital and share price, we reduced policy-held shares and acquired treasury shares.」
We sold 5 issues other than unlisted shares among the policy-held shares and recorded total proceeds of ¥6,764 million. - FY2021-Q2RestatedAnnual report
「During the six-month period ended 30 September, there were no material changes to the assumptions described in the additional information and elsewhere in the securities report for the previous fiscal year.」
We stated that there were no material changes from the previous fiscal year in the accounting estimates based on assumptions regarding the impact of COVID-19. - FY2020First statedAnnual report
「We hold policy-held shares when we believe that doing so will contribute to enhancing the Group's medium- to long-term corporate value through stronger business relationships and alliances. Each year, the Board of Directors examines individual policy-held shares for the appropriateness of their holding purpose, transaction status, benefits and risks associated with holding them, including dividend income, in light of medium- to long-term economic rationality and the cost of capital. We sell shares when we determine that there is no significance in continuing to hold them.」
We stated for the first time as an independent theme our policy of holding policy-held shares to enhance medium- to long-term corporate value through business relationships and alliances, and selling issues whose significance is not recognized following an annual review by the Board of Directors.