Oji Holdings, a paper and pulp manufacturer, has spent the past seven weeks steadily selling down its stake in paper and paperboard distributor KPP Group Holdings (TSE Prime: 9274), in blocks of tens of thousands of shares. An amended large shareholding report filed with the Kanto Local Finance Bureau on August 26, 2026 shows the reduction crossed a reporting threshold on August 20, when Oji's holding fell to 13.20% from the 14.22% recorded in its previous report.
The filing lists 35 separate trading days between July 1 and August 20 on which Oji sold KPP Group common stock, entirely on the open market, in daily lots ranging from 12,900 shares on July 1 to 37,500 shares on August 18. None of the listed transactions were purchases.
By the trigger date, Oji held 8,877,910 shares of KPP Group's 67,244,284 shares outstanding as of June 30, 2026, equal to 13.20%. That compares with 14.22% in the prior report.
| Period | Shares sold or held |
|---|---|
| October 2012 | Inherited 12,736,810 shares in holding-company reorganization |
| Full year 2025 | Sold 2,277,900 shares |
| Jan 1 - Jul 14, 2026 | Sold 899,500 shares |
| Jul 15 - Aug 20, 2026 | Sold 681,500 shares, triggering this filing |
| As of Aug 20, 2026 | Holds 8,877,910 shares (13.20% of 67,244,284 shares outstanding) |
The filing also traces the stake's origin and its gradual unwind. Oji inherited 12,736,810 KPP Group shares in October 2012 when it reorganized into a holding-company structure. It sold 2,277,900 shares across 2025, a further 899,500 shares between January 1 and July 14, 2026, and the 681,500-share tranche sold between July 15 and August 20, 2026 that triggered this latest report.
Oji describes the remaining stake as held "for policy investment" (政策投資), the standard label Japanese companies use for cross-shareholdings kept for business-relationship reasons rather than portfolio return. The filing states Oji has no plans for a "material proposal" concerning KPP Group, meaning it is not pushing for board seats or governance changes.
What the filing does not say matters too. It does not disclose the prices at which shares changed hands, name the buyers on the other side of the trades, or set a target stake or end date for the sell-down. This looks like one more increment in a multi-year drawdown rather than a signal that Oji is about to exit the position altogether.