Axium Capital Pte. Ltd., a Singapore investment manager, now holds 10.36% of HIRAKAWA HEWTECH CORP., up from 9.01% in its previous report, according to a large-shareholding change report dated 27 October 2026. The filing covers a 20 October trigger date and cites an increase of at least one percentage point.
The holding is 1,825,835 shares out of 17,627,800 outstanding. Purchases in the 60 days to 20 October include 63,900 shares bought on market on 20 October, equal to 0.36%.
What Axium says it proposed
The filing says Axium proposed that the Tokyo Prime-listed company carry out a buyback of ¥3bn to ¥5bn immediately. It also proposed raising the dividend payout ratio policy from the current 30% to 60% or more, with shareholder returns during the medium-term plan period of fiscal 2026 to 2030 at a level that eliminates net cash.
Axium's stated reason is that Hirakawa Hewtech holds excess financial capacity with no reasonable justification. The filing attributes this and a restraint on strategic investment to a governance problem, which it links to the chairman having served as president and chairman for about 40 years. These are Axium's views.
Axium says it opposed the chairman's re-election as a director at the 85th annual general meeting and urged other shareholders to vote against. The filing does not say how the vote went.
Reach and caveats
Axium describes its holding as a long-term pure investment built on constructive dialogue. It reserves the right to buy more shares or to make material proposals on portfolio, governance, capital policy or listing. The report does not show whether the board has accepted a buyback or changed its dividend policy.
Axium reports ¥4.06bn of acquisition funds, almost all from customer money, and says it received 61,080 shares through a free allotment dated 1 April 2026.