Ikuyo has become a major shareholder in Kasai Kogyo after raising its holding to 5,263,500 shares, equal to 11.61% of outstanding shares, from 9.54% in its previous large-shareholding report. Kasai separately identified Ikuyo as a major shareholder, changing the company's reported holder map and putting more than a tenth of the company in one investor's hands on Ikuyo's calculation basis.
Ikuyo says the filing requirement arose on June 10, when it bought 940,300 Kasai shares off-market at ¥495 each. That came after a burst of buying over the previous 60 days, through both on-market and off-market trades. Kasai's own extraordinary report shows the change on a voting-rights basis, with Ikuyo moving from 43,232 voting rights, or 9.68%, to 52,635 voting rights, or 11.79%.
The small discrepancy between 11.61% and 11.79% is down to different yardsticks. Ikuyo's report gives a shareholding ratio, while Kasai says its voting-rights ratio uses 446,557 voting rights as of March 31, 2026 as the denominator. Kasai also notes that its before-and-after figures are based on Ikuyo's large-shareholding report and that it has not independently confirmed beneficial ownership under Ikuyo's name. Neither disclosure lays out any broader deal agreement. Ikuyo describes the position simply as pure investment and consideration of future alliances.