Oasis Management Company Ltd., the Cayman Islands-registered fund manager, has raised its stake in TSE-listed SMS CO.,LTD (ticker 2175) to 25.93%, up from 24.65% in its previous disclosure, according to a change report filed with the Kanto Local Finance Bureau on September 10, 2026. The filing was triggered because Oasis's holding ratio rose by one percentage point or more, and the reporting obligation arose on September 3, 2026. Oasis filed as the sole holder of record, with no joint holders named in the report.
How the stake got there
Oasis now controls 22,700,400 shares out of 87,561,600 shares outstanding as of June 30, 2026. The build-up ran through daily market purchases from early July into early September, but the largest single move was an off-market block trade of 1,607,500 shares, equal to 1.84% of the company, bought on August 28, 2026 at ¥2,460 per share. Total acquisition funding came to ¥41.3bn, all of it drawn from fund capital with no borrowed money involved.
| Metric | Value |
|---|---|
| Reason for filing | Holding ratio rose by 1 percentage point or more |
| Reporting obligation date | September 3, 2026 |
| Filing date | September 10, 2026 |
| New holding ratio | 25.93% |
| Prior holding ratio | 24.65% |
| Shares held | 22,700,400 shares |
| Shares outstanding (as of June 30, 2026) | 87,561,600 shares |
| Total acquisition funding | ¥41.3bn, all from fund capital, no borrowing |
| Off-market block purchase (August 28, 2026) | 1,607,500 shares at ¥2,460 each |
What Oasis says it wants
According to the filing, Oasis has begun dialogue with SMS management on business portfolio strategy, use of AI and data, pricing strategy and board composition. It frames its goals as improving board effectiveness, maintaining and improving corporate governance, raising corporate value, protecting customers, suppliers, employees, lenders and other stakeholders, and increasing shareholder returns for all shareholders.
The reserved, not the filed, list
The report also states that Oasis has made, and plans to continue making over the next twelve months, proposals to SMS touching a specific set of statutory categories under the Financial Instruments and Exchange Act enforcement order: disposal or acquisition of important property, election or dismissal of the representative director, appointment of specific individuals as officers, material changes to the composition of officers, partial transfer or discontinuation of business, delisting from the exchange, and third-party share acquisitions that would push voting rights past a majority. This is standard large-shareholding disclosure language that keeps those options open for a fund crossing the reporting thresholds; it is not a filed shareholder resolution, a board nomination, or a takeover bid, and none of those specific actions has been announced. A holding just above a quarter of outstanding shares gives Oasis a substantial minority position and standing to press its case, but it does not by itself confer control or board seats at SMS.
The next filing to watch is whichever change report documents Oasis's next one-percentage-point move, or the first public sign that any of the reserved proposal categories has become a concrete demand rather than a disclosed option.