Katakura Coop Agri's ties to its two biggest affiliated shareholders are close in ownership terms, but not in commercial exposure. The fertilizer maker said Zen-Noh held 24.35% of voting rights as of March 31, while Marubeni held 22.79%. Katakura said the two have equivalent influence because the gap in voting rights is small and each provides one outside director and one outside auditor.
Zen-Noh is the bigger business link
The larger operating connection runs through Zen-Noh. Katakura said 62.4% of its sales in the year to March 2026 came from Zen-Noh through its fertilizer business, and described itself as a major fertilizer manufacturing base for the Zen-Noh group. In related-party transactions, Katakura disclosed ¥26.63bn of sales of fertilizer products and other goods to Zen-Noh and ¥11.84bn of purchases from it, with ¥4.29bn of receivables and ¥3.14bn of payables outstanding at period end.
| Party | Voting rights | Board / secondees | Related-party trade | Stated relationship |
|---|---|---|---|---|
| Zen-Noh | 24.35% | 1 outside director, 1 outside auditor, 3 secondees | Sales ¥26.63bn, purchases ¥11.84bn | 62.4% of Katakura sales in the year to March 2026; described as a major fertilizer manufacturing base for the group |
| Marubeni | 22.79% | 1 outside director, 1 outside auditor, 4 secondees | Sales ¥5mn, purchases ¥180mn | Equity-method affiliate in Food & Agri; direct transactions described as limited |
Marubeni's direct trade is limited
Marubeni's stake is only slightly smaller, but Katakura described the direct trading relationship as limited. The company said it is a Marubeni equity-method affiliate in the trading house's Food & Agri segment, and that there are no relationships involving loans, guarantees, product licences or equipment leases. Related-party sales to Marubeni were ¥5mn, against purchases of ¥180mn, with ¥80mn of payables and no receivables listed at period end.
What the disclosure shows
Taken together, the disclosed figures show near-equal voting stakes and very different commercial ties. Katakura said it faces no business constraints from either relationship and regards its management independence as sufficiently secured. The company also said Zen-Noh's financial-information disclosure is exempt under exchange rules because it is a cooperative.