Kawasaki Heavy Industries Opens ¥80bn Bond Shelf Through 2028
Kawasaki Heavy Industries has registered capacity to sell up to ¥80bn in corporate bonds over the next two years, but has not yet fixed the size, timing, or coupon of any single offering.
Japan Capital and Governance (Page 2)
Share buybacks, offerings, activist stakes, shareholder votes and board changes at Japanese companies.
Toyota and Daimler Truck Trim ARCHION Stakes to 25% Each in a Pre-Agreed Free-Float Move
A greenshoe exercise on August 14 completed a scripted reshuffle: Toyota's and Daimler Truck's combined hold in the merged Hino-Mitsubishi Fuso holding company fell from 54.29% to an even 50%, split exactly at 25% apiece.
Toyoda Gosei Sets Terms for ¥10bn Bond Tied to Airbags and Carbon Cuts
The auto-parts maker will earmark all ¥10bn from a planned five-year bond for safety-system production and decarbonization capital spending, filling in terms left blank in January's shelf filing.
Toyo Tire Buys Out Mitsubishi's Entire 20% Stake in One Trade
Toyo Tire retired Mitsubishi Corporation as its top shareholder in one August 10 trade, paying ¥111.02bn through an off-auction ToSTNeT-3 buyback and confirming a share cancellation set for late September.
Tokyo Stock Exchange to Delist Showa Holdings Over Governance Failure
The exchange found no prospect that Showa Holdings, a Standard Market company whose delisting notice is signed by a provisional administrator, can properly build or run internal controls, and will strike its shares from trading on 25 August 2026.
Hankyu Hanshin Finishes ¥30bn Buyback Three Months Ahead of Its Own Deadline
Hankyu Hanshin Holdings hit the yen cap on its May-approved share buyback by July 15, spending close to ¥30bn on 6.55 million shares and finishing more than three months before the October 29 deadline it had set.
Yamato Holdings Sets Up a Committee Built to Skip Its Own Board Rules
Yamato Holdings' board has set up a six-member Corporate Value Enhancement Committee, five outside directors plus CEO Toshiyuki Sakurai as chairman, tasked with reviewing past investment decisions and drafting market-facing action plans outside the time and procedural limits of its normal board meetings.
Daimler Truck and Toyota Set ¥250-¥300 Range for Giant ARCHION Stake Sale
Daimler Truck AG and Toyota Motor Corporation are selling down a combined 787.9 million ARCHION shares at an indicative ¥250 to ¥300 each, a stake sale worth up to roughly ¥236bn before an over-allotment option pushes it higher.
Toyota and Daimler Truck Price Their ARCHION Stake Sale at ¥250 to ¥300 a Share
Toyota Motor and Daimler Truck AG are selling down about 788 million ARCHION shares at a preliminary ¥250 to ¥300 each, split almost evenly between Japan and overseas buyers, with the final price capped at 95% of the stock's close on the pricing date set for sometime between July 22 and 27.
Kawasaki Heavy Prices ¥92.5bn Share Sale to Retool Aerospace, Robot and Hydrogen-Ship Plants
Kawasaki Heavy priced 37.35 million new shares at ¥2,609 each for ¥92.5bn net, earmarked by March 2029 for robotics-fitted plants making aircraft engines, gas turbines, semiconductor robots and hydrogen-carrier ships, alongside a separate ¥50bn zero-coupon convertible bond due 2031.
Hi-Lex Buys Back Shares as Acquisition Debt Nearly Quadruples
The Japanese auto-parts maker is spending up to ¥1.5bn on a share buyback even as debt from its Hi-Lex Act deal pushes its equity ratio down to 58%, and it is closing plants in the US and Spain while reorganizing all 13 of its domestic factories by 2028.
JR East Draws ¥50bn From Its Bond Shelf, Leaving ¥795bn Still Available
East Japan Railway is selling ¥50bn in unsecured bonds across three-, five- and ten-year tranches, the fourth drawdown from a shelf programme that runs until March 2027.
Kintetsu Group Draws Two Fresh Bond Tranches From Its ¥150bn Shelf
The Osaka rail-and-property group filed supplements for ¥5bn and ¥10bn in bonds on the same day, one tranche carrying a guarantee from its railway operating arm, as it works through a shelf registration that already covered ¥45bn of prior issuance.
EXEDY Draws ¥28.4bn From a ¥30bn Bond Shelf in a Two-Tranche Sale
EXEDY Corporation's first bond sale under a March 2025 shelf program combines ¥13.9bn of five-year debt and ¥14.5bn of 10-year debt, using nearly all of the ¥30bn it registered to raise before the program lapses in April 2027.
Showa Holdings Left Without a Representative Director, or Its Own Corporate Seal
Two board meetings in as many days failed to reach quorum after three audit-committee directors boycotted and went silent, leaving the Tokyo-listed holding company without a representative director and, by its own account, without its corporate seal, accounting books or bank passbooks.
Toyota Cuts KDDI Stake to 7.73% After Tender Offer
Toyota sold 53.68mn KDDI shares back to the company at ¥2,325 each, trimming its stake to 7.73% from 9.07% while keeping the remainder as a policy investment.
K Line Spends ¥50.7bn of Its ¥130bn Buyback in a Single June Session
The number: K Line spent ¥50.7bn buying back its own shares on June 2 alone, out of a ¥130bn program that runs through September 30. It then kept clearing roughly ¥1bn a day in purchases through June 8.
Toyota and Daimler Truck to Sell Down to 25% Each of Truck Maker ARCHION
The catch: Toyota and Daimler Truck are both cutting their ARCHION stakes to 25%, but Toyota's voting rights fall further, to 19.9%, ending its status as an affiliated company, while Daimler Truck keeps 26.7% of the vote. Pricing on the up-to-906-million-share sale is set between July 22 and July 27.
Kawasaki Heavy lines up share sale and transition CB for factories and hydrogen
The move: Kawasaki Heavy will sell 37.35mn shares overseas for factory expansion and issue ¥101bn of euro-yen convertibles, including what it calls the first transition CB, for physical AI and a liquefied-hydrogen chain.
Kawasaki Heavy pairs overseas share sale with 2031 and 2033 euro-yen convertibles
Kawasaki Heavy Industries has approved an overseas common-share offering and two euro-yen convertible bond tranches for foreign markets, but the filing excerpts leave the size and pricing terms unresolved.
Hankyu Hanshin has used 74.4% of its buyback budget by June-end
The number: June repurchases of ¥13.36bn lifted Hankyu Hanshin's total to ¥22.31bn and 4,868,700 shares, equal to 74.4% of the current ¥30bn authorisation by June 30.
Tobu Railway wins backing for 10-director slate and outside director compensation amount revision
Shareholders approved three AGM items, including a 10-director board and a revision to the compensation amount for outside directors, giving Tobu a clear governance outcome even if the available excerpt leaves out the new figure.
Hanshin Diesel Works shareholders approve six directors and four Audit and Supervisory Committee directors
The June 26 vote confirms Hanshin Diesel Works' formal board lineup, including President Kazuhiko Kinoshita, although the disclosure excerpt does not show whether the slate is mostly reappointments or new faces.
Senko shifts nomination and pay committee chair to independent director
Yasuyuki Sugiura replaced the president as chair of the nomination and compensation advisory committee on June 25, while the committee remains majority independent. Process reform is not the same thing as leadership change, but investors watch this process for a reason.