Review of the Rationale for Strategic Shareholdings and Their Sale
First written in FY2017. 11 of 15 entries say "Advanced", first in FY2019. Latest entry: FY2026.
- FY2026AdvancedAnnual report
「(Issues with a decrease in the number of shares during the fiscal year) Unlisted shares 21 Shares other than unlisted shares 7」
The company reviewed the rationale for its cross-shareholdings annually. During the fiscal year, the number of shares decreased in 21 unlisted issues and 7 listed issues and other holdings. Total sale proceeds were ¥1.145 billion for unlisted shares and ¥30.308 billion for listed shares. - FY2025AdvancedAnnual report
「(Issues with a decrease in the number of shares during the fiscal year) Unlisted shares 9 Shares other than unlisted shares 7」
The number of shares decreased in 9 unlisted issues and 7 listed issues among the company's cross-shareholdings, with total sale proceeds for listed shares and other holdings of ¥22.738 billion. - FY2024AdvancedAnnual report
「When the review finds no rationale for continuing to hold the shares, the company generally sells them and reports the results of the sales to the Board of Directors.」
The number of shares decreased in 16 unlisted issues and 7 issues other than unlisted issues among the company's cross-shareholdings, with total sale proceeds of ¥10.425 billion. - FY2024-Q3Update on cumulative third-quarter investment recoveriesAnnual report
「Proceeds from investment recoveries and other sources (*1) during the cumulative third quarter of the consolidated fiscal year amounted to ¥84.5 billion.」
Cumulative third-quarter proceeds from investment recoveries and other sources amounted to ¥84.5 billion. - FY2023AdvancedAnnual report
「(Issues with a decrease in the number of shares during the fiscal year) Unlisted shares 13 Shares other than unlisted shares 9」
The company continued its annual quantitative and qualitative assessments of cross-shareholdings, and the number of shares decreased in 13 unlisted issues and 9 listed issues. Total sale proceeds were ¥1.1 billion for unlisted shares and ¥6.1 billion for listed shares. - FY2023-Q3Update on cumulative third-quarter investment recoveriesAnnual report
「Proceeds from investment recoveries and other sources (*1) during the cumulative third quarter of the consolidated fiscal year amounted to ¥389.7 billion. The principal recoveries were as follows: • Gavilon grain business (approximately ¥330.0 billion) • Oil and gas development business (Gulf of Mexico, U.S.) • Shareholder loan to the copper business (Chile) • Cross-shareholdings」
Cumulative third-quarter proceeds from investment recoveries and other sources amounted to ¥389.7 billion, with specific recoveries including the Gavilon grain business at approximately ¥330.0 billion, the oil and gas development business in the U.S. Gulf of Mexico, the shareholder loan to the copper business in Chile and cross-shareholdings. - FY2023-Q2Update on cumulative second-quarter investment recoveriesAnnual report
「Proceeds from investment recoveries and other sources (*1) during the cumulative second quarter of the consolidated fiscal year amounted to ¥46.3 billion. The principal recoveries were as follows: • Oil and gas development business (Gulf of Mexico, U.S.) • Shareholder loan to the copper business (Chile) • Cross-shareholdings」
Cumulative second-quarter proceeds from investment recoveries and other sources amounted to ¥46.3 billion, with specific recoveries including cross-shareholdings. - FY2022AdvancedAnnual report
「Issues with a decrease in the number of shares during the fiscal year Unlisted shares 8 Shares other than unlisted shares 12」
The company continued its annual quantitative and qualitative assessments and verification of the rationale for its holdings, and the number of shares decreased in 8 unlisted issues and 12 listed issues. - FY2022-Q3AdvancedAnnual report
「Proceeds from investment recoveries and other sources (*1) during the cumulative third quarter of the consolidated fiscal year amounted to ¥98.5 billion. The principal recoveries were as follows: • North American salmon and trout business (North Pacific Seafoods, U.S.) • Power generation business • Cross-shareholdings • Shareholder loan to the copper business (Chile)」
Proceeds from investment recoveries and other sources totaled ¥98.5 billion for the cumulative third quarter, with specific recoveries including cross-shareholdings. - FY2022-Q2AdvancedAnnual report
「Cash inflows from recoveries of investments and other activities (*1) during the first two quarters of the current consolidated fiscal year amounted to ¥49.8 billion. Major recovery transactions were as follows: ・North American wild salmon and trout business (U.S. North Pacific Seafoods) ・Power generation business ・Strategically held shares」
The company recovered ¥49.8 billion in the cumulative second quarter through investment recoveries and other sources, including the sale of cross-shareholdings. This demonstrated the results of its policy of reviewing the rationale for holdings and generally selling those for which no rationale is recognized. - FY2021AdvancedAnnual report
「When the review finds no rationale for continuing to hold the shares, the company generally sells them and reports the results of the sales to the Board of Directors.」
The number of shares decreased in 9 unlisted issues and 21 listed issues among the company's cross-shareholdings. Total sale proceeds were ¥1.1 billion for unlisted shares and ¥26.4 billion for listed shares. - FY2021-Q3AdvancedAnnual report
「The principal sales were as follows: • Overseas power generation business • Reinsurance business • Cross-shareholdings」
The company cited the sale of cross-shareholdings as a principal source of the ¥69.5 billion in proceeds from investment recoveries and other sources, demonstrating the results of its policy of reviewing the rationale for holdings and selling them. - FY2020AdvancedAnnual report
「When the review finds no rationale for continuing to hold the shares, the company generally sells them and reports the results of the sales to the Board of Directors.」
The number of shares decreased in 16 unlisted issues and 12 listed issues among the company's cross-shareholdings, demonstrating the results of its annual quantitative and qualitative assessments and its policy of selling holdings. - FY2019AdvancedAnnual report
「Each year, the company reviews the rationale for holding individual cross-shareholdings based on a comprehensive assessment of quantitative factors, including the ratio of investment-related gains and losses to acquisition cost compared with the company's weighted average cost of capital, and qualitative factors, including the maintenance and strengthening of relationships with investee companies resulting from holding the shares. The Board of Directors verifies the results. When the review finds no rationale for continuing to hold the shares, the company generally sells them and reports the results of the sales to the Board of Directors in the following fiscal year.」
The company formalized its annual quantitative and qualitative assessment of cross-shareholdings, including comparison with the weighted average cost of capital, and its policy of generally selling holdings when there is no rationale for retaining them. During the fiscal year, the number of shares decreased in 10 unlisted issues and 13 listed issues. - FY2017First statedAnnual report
「Accordingly, for the purpose of maintaining and strengthening business relationships with investee companies, the company reviews the rationale for holding each shareholding based on a comprehensive assessment including economic rationality, and reports the results regularly to the Board of Directors. As a general rule, the company sells shareholdings when the review finds no rationale for continuing to hold them.」
The company stated its policy of reviewing the rationale for holding shares intended to maintain and strengthen business relationships based on economic rationality and other factors, and selling them as a general rule when no rationale is recognized.