Testing the rationale for and reducing cross-shareholdings
First written in FY2019. 7 of 9 entries say "Advanced", first in FY2021. Latest entry: 2026-07-16.
- FY2026AdvancedAnnual report
「During the fiscal year, the company sold all shares held in 4 listed stocks (sale proceeds: ¥1,124 million).」
The company sold 4 cross-shareholdings for ¥1,124 million, and the ratio of cross-shareholdings to net assets at fiscal year-end was 16.3%. The company is reducing its holdings toward a target of approximately 10% by the end of March 2028. - 2026-05-28AdvancedGeneral Meetings of Shareholders
「We sold 4 listed shares (sale proceeds: ¥1,124 million). As a result, as of the end of the fiscal year, the total amount of strategic shareholdings recorded on the balance sheet was ¥7,938 million, and strategic shareholdings represented 16.3% of consolidated net assets.」
The company disclosed the reduction of strategic shareholdings through the sale of 4 issues and a decline in the ratio to 16.3%. The plan to reduce the ratio to around 10% remains in place. - FY2025RaisedAnnual report
「The company plans to reduce the ratio of cross-shareholdings to net assets from approximately 20% in the fiscal year ended March 2024 to approximately 10% by 31 March 2028.」
The policy for reducing cross-shareholdings was made more specific through a time-bound quantitative target to reduce their ratio to net assets from approximately 20% to approximately 10% by 31 March 2028. During the fiscal year, the company sold 5 stocks, bringing the ratio to 14.4%. - FY2024AdvancedAnnual report
「During the fiscal year, the number of shares declined for 3 stocks other than unlisted stocks.」
Following a review as of March 2024, the company held 3 unlisted stocks and 14 listed stocks, and sold 3 stocks during the fiscal year. - FY2023AdvancedAnnual report
「Following individual reviews by the Board of Directors of investee companies whose shares are held, the company determined that the holdings were appropriate because the investees either maintain or can improve business relationships in areas such as product supply and business operations, or were deemed appropriate to hold from a profitability perspective when compared with the company's cost of capital in the base year.」
As of March 2023, the company individually reviewed its cross-shareholdings. It held 16 stocks and sold 2 stocks. The appropriateness of holding them was confirmed based on business relationships and a comparison with the cost of capital. - FY2021AdvancedAnnual report
「Following individual reviews by the Board of Directors of investee companies whose shares are held, the company determined that the holdings were appropriate because the investees either maintain or can improve business relationships in areas such as product supply and business operations, or were deemed appropriate to hold from a profitability perspective when compared with the company's cost of capital in the base year.」
As of March 2021, the company individually reviewed its cross-shareholdings and confirmed the appropriateness of holding them based on business relationships and a comparison with the cost of capital. - FY2019First statedAnnual report
「The company has been reducing cross-shareholdings whose significance or appropriateness as holdings is considered limited. The company reports the status of its cross-shareholdings to the Board of Directors and verifies the rationale for holding them.」
For cross-shareholdings, the company explicitly states its policy and measures of reducing holdings with limited significance or appropriateness and having the Board of Directors verify their rationale.