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Japan Capital and Governance (Page 10)

Share buybacks, offerings, activist stakes, shareholder votes and board changes at Japanese companies.

  1. Sumitomo Forestry Sells ¥243.5bn of Subordinated Bonds to Refinance Its Tri Pointe Homes Buyout

    Sumitomo Forestry raised ¥243.5bn across three subordinated bond tranches maturing between 2061 and 2066, with coupons as high as 4.343% and full discretion to defer interest payments; the proceeds repay short-term debt taken out for its Tri Pointe Homes acquisition.

  2. Oasis Management Lifts SMS Stake to 24.65% While Pressing a Broad Slate of Proposals

    Oasis Management's stake in Tokyo-listed SMS CO.,LTD climbed to 24.65% from 22.38% after a single off-market block trade of roughly 1.6 million shares, funded entirely from fund money, and the Cayman activist tells regulators it is already pressing proposals on board changes, asset sales and delisting, with more planned over the next year alongside dialogue on AI, pricing and portfolio strategy.

  3. Sony Music Agrees to Buy SON Financial's Entire 22.58% GungHo Stake for ¥28.6bn

    Sony Music Entertainment has agreed to buy all 12.01 million GungHo Online Entertainment shares held by SON Financial, paying ¥28.6bn in cash, with a December 30 closing target and new consent rights over the game maker's share issuance in the meantime.

  4. SoftBank Group Prices ¥1tn Bond, With Most of the Cash Already Spoken For

    SoftBank Group set terms on a ¥1 trillion, seven-year bond at 4.75%, and roughly half the ¥988.5bn raised will simply refinance bonds due this month and next spring, while the rest is conditional funding for the ABB robotics acquisition, with a fallback to bridge-loan repayment if that deal slips.

  5. SMC Has Already Spent 94.6% of Its ¥50bn Share Buyback, With Months Still to Run

    SMC Corporation has committed 94.6% of the ¥50bn its board approved in May for share repurchases, spent within roughly three months of a ten-month window that does not close until March 2027.

  6. Ehime Transport Operator IYOTETSU Group Builds Leveraged 11.24% Stake in Shikoku Electric Power

    A quarter of the ¥32.12bn spent buying up Shikoku Electric Power shares was borrowed, and more than 10 million of the acquired shares are already pledged to two banks as collateral.

  7. MFS Cuts Sugi Holdings Stake to 2.89%, Down From 5.13%

    Massachusetts Financial Services Company's combined position in the drugstore-linked retailer fell from 5.13% to 2.89% as of August 31, according to a change report filed with Japan's Kanto Local Finance Bureau.

  8. Sumitomo Corporation Finishes ¥80bn Buyback Seven Months Ahead of Its Own Deadline

    The trading house spent nearly its entire ¥80bn repurchase budget by September 3, 2026, seven months before the board's cutoff, and will cancel the 47.65 million shares it bought back on April 9, 2027.

  9. ZETA Shifts From TSE Growth Market to Standard Market

    Tokyo-listed services firm ZETA (6031) moved onto the Tokyo Stock Exchange's Standard market on September 4, 2026, a segment change its own notice explains with thanks to shareholders rather than any stated financial or governance rationale.

  10. NANKAI Prices ¥20bn Two-Tranche Bond to Refinance Debt Due by March 2027

    NANKAI's ¥20bn refinancing splits into three-year notes at 2.375% and ten-year notes at 3.407%, both rated A by R&I, with net proceeds set aside to repay loans due before the end of March 2027.

  11. KOMPEITO's IPO Prices at the Top, but the Company Itself Barely Cashes a Cheque

    The Shinagawa-based operator of the installed office snack service OFFICE DE YASAI priced its IPO at ¥1,600, the ceiling of its indicated range, ahead of a September 11 Tokyo debut, but venture investors and other existing shareholders are selling far more stock than the roughly ¥63.6mn the company itself raises.

  12. GS Yuasa Plans First Green Bond to Fund Domestic Lithium-Ion Battery Capacity

    GS Yuasa Corporation plans to raise ¥10bn in its first-ever green bond, lending the entire sum to its battery subsidiary to expand domestic stationary lithium-ion production, with JCR blessing the framework against ICMA and Japanese environment-ministry green-bond guidelines.

  13. Hikari Tsushin Prices ¥30bn Bond in Two Tranches at 3.021% and 3.977%

    Hikari Tsushin is refinancing maturing debt with a four-year tranche priced at 3.021% and a seven-year tranche at 3.977%, both rated A/A+ and drawn from a ¥200bn shelf programme registered in July 2025.

  14. Axium Capital Presses NIPPO for a Debt-Funded Buyback, Threatens to Oust the Board

    A 17% holder of NIPPO Ltd. wants the company to borrow for a buyback worth up to ¥10bn at ¥4,000 a share and lift its payout ratio to 100% or more, and says it may push to dismiss directors if the board says no.

  15. German Holder Softens 'Will' to 'May' in Kyoritsu Air Tech Stake Filing

    A correction to a large-shareholding filing on KYORITSU AIR TECH INC. swaps one filer's promise to pursue governance proposals for a mere possibility, without saying whether the underlying holding has changed.

  16. Kaikai Kiki, the Art Company Led by Takashi Murakami, Crosses 5% in OVERLAP Holdings

    The Tokyo art-production and artist-management firm run by Takashi Murakami now holds 5.02% of the small TSE Growth-listed OVERLAP Holdings, a stake funded entirely from its own resources, with buying accelerating sharply in the final week before the threshold was crossed on September 1.

  17. Oasis Lifts Infomart Stake to 14.42% and Has Already Proposed Asset Sales, Partial Business Exit

    Oasis Management's stake in the B2B platform Infomart has climbed to 14.42%, and the fund has already proposed asset disposals and an exit from part of its business while flagging director-removal, delisting and control-transfer options it may pursue within a year.

  18. Nichicon Pairs a ¥22bn Zero-Coupon Bond With a Same-Week Buyback to Cap Future Dilution

    Nichicon is raising ¥22.165bn through a zero-coupon convertible bond generally designed to convert only if its stock clears a 30% premium for a sustained stretch, and it is spending nearly all of a linked ¥5bn buyback the next day to soften, not erase, the eventual dilution.

  19. J-Holdings Grants Its President a Late Vote, Not EVO Fund

    J-Holdings used a Companies Act provision to hand its president voting rights on warrant shares he bought after the record date, lifting his stake to 20.54% of the vote, while denying the identical grant to fund investor EVO Fund days before the September 4 shareholder meeting.

  20. Japan Airport Terminal Fixes Price and Overseas Tranche for ¥55.9bn Share Sale

    The operator of Haneda's passenger terminals has locked in pricing for a roughly ¥55.9bn secondary share offering, allocating ¥14.15bn of it to investors in Europe and Asia ahead of a September 9 settlement.

  21. Kobe Steel Lends Part of Its Osaka Titanium Stake to Nomura for a Share Sale

    A policy stake Kobe Steel has held since 1999 gets its first outside claim: 1.05 million shares go on loan to Nomura for an over-allotment option, with the rest locked up until December 8.

  22. Zensho Founding Family Pledges 3 Million More Shares to Sumitomo Mitsui Bank

    Japan Create, the holding company for Zensho's founders, put up another 3 million shares as bank collateral in August, adding to a stake already carrying roughly ¥68.9bn in borrowings.

  23. ITOCHU's ¥300bn Buyback Splits in Two After Investors Offer More Shares Than It Wanted

    ITOCHU Corporation closed a tender offer for its own shares that drew more applications than it wanted, prorating the deal down to 82.7 million shares at ¥1,813 each, and now shifts the remaining roughly ¥150bn of its ¥300bn buyback authorization to purchases on the Tokyo Stock Exchange through January 2027.

  24. UMC Electronics Drops to Tokyo's Standard Market, Ending a Three-Year Prime Push

    UMC Electronics' shares leave Tokyo's Prime market for the Standard market on September 8, and the company has withdrawn the compliance plan it filed in 2023 to try to keep its Prime listing.

Japan Capital and Governance (Page 10) | Tokyo Brief