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Japan Capital and Governance (Page 12)

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

  1. Media Do Locks In ¥12.4bn, Ten-Year Loan to Retire Seven Seas Bridge Debt

    Media Do has termed out a short-term bridge loan into a ¥12.4bn, ten-year facility from five banks to cover its Seven Seas Entertainment acquisition, accepting covenants on equity strength and profitability through 2036.

  2. Wacom Investor AVI Lifts Stake to 18.1%, Presses for 65% Dividend Payout

    Asset Value Investors has lifted its Wacom holding to 18.11% and is formally pushing the company toward a 65% dividend payout ratio, while reserving the right to seek board and capital-policy changes.

  3. Oasis Lifts COMSYS Holdings Stake to 7.36% and Widens Its Proposal List

    Oasis Management raised its COMSYS Holdings stake to 7.36% from 6.32% and disclosed plans to press for dividend policy changes, the ouster of the representative director and a possible further purchase of more than five percentage points within three months.

  4. ACSL Prices ¥5.17bn Overseas Share Sale, Trims Its Defense Spending Plan

    ACSL priced its European and Asian share offering at ¥1,310 a share for ¥5.12bn in net proceeds, but cut the defense-business allocation to ¥3.12bn from the ¥4.81bn ceiling set in its original filing two days earlier, while the ¥2bn earmarked for North America expansion stayed unchanged.

  5. Oji Holdings Trims KPP Group Stake to 13.2% After Weeks of Daily Sales

    A fresh EDINET filing shows Oji Holdings sold KPP Group Holdings shares on 35 separate trading days this summer, cutting a legacy cross-shareholding to 13.20% from 14.22% with no stated end point.

  6. Individual Investor Spells Out Activist Agenda in Amended Taiyo Bussan Filing

    A Tokyo-based individual investor and a corporate joint holder registered at the same Akasaka address have amended their large-shareholding filing on Taiyo Bussan Kaisha, replacing broad wording about pure investment and unspecified proposals with explicit demands for dividend increases, buybacks and governance changes.

  7. Yamahachi's Top Executive and His Holding Company Now Control 69.58% of the Stock

    A Nagoya holding company and the representative director who runs it have jointly disclosed a combined 69.58% stake in Yamahachi Corporation, leaving outside shareholders with a thin slice of the float.

  8. JR East to Raise Stake in Rail Supplier Toyo Denki Seizo to 20%

    East Japan Railway is expanding its holding in century-old traction-equipment maker Toyo Denki Seizo to 20% of shares outstanding, a filing made as the supplier's full-year net profit rises 39.8% and its dividend climbs to ¥100 a share from ¥70.

  9. NTT Finance Registers ¥1tn Bond Shelf for a Two-Year Funding Window

    NTT Finance Corporation has registered to sell up to ¥1tn in corporate bonds between September 2026 and September 2028, but it has yet to fix a size, coupon or underwriter for a single tranche.

  10. Daiho Construction Agrees to Buy 17% Stake in Tohoku Roll-Up UNICON Holdings

    Tokyo-listed contractor Daiho Construction has agreed to buy 1.68 million UNICON Holdings shares, worth 17% of the voting rights, from private equity seller Endeavor United, and will nominate a director once shareholders approve at UNICON's September 29 annual meeting.

  11. ACSL Prices ¥5.48bn Overseas Share Sale for Defense Drone Production

    ACSL priced 4.18 million new shares at ¥1,310, a 9.97% discount to the day's benchmark, to raise an estimated ¥5.12bn net for defense-drone production capacity and a North American expansion running through December 2029.

  12. Mercari Hits ¥10bn Buyback Cap Early, Will Cancel 2.12mn Shares in November

    Mercari spent ¥9.99bn to hit its full ¥10bn buyback ceiling within the three-week window ending August 24, but only used about half of its 4-million-share allowance, and will retire all 2,118,800 shares it bought on November 12.

  13. Valex Partners Raises Syuppin Stake to 14.63%, Signals Dividend and Capital-Policy Proposals

    Valex Partners now holds 14.63% of Syuppin, up from 13.52%, and says it will file proposals on dividend policy and capital policy within 12 months, on top of proposals already made about a possible business transfer or a third party taking majority voting control.

  14. Hitachi Sells Its Last Share of Hitachi Construction Machinery

    Hitachi's final 10.1% voting stake in Hitachi Construction Machinery was sold and placed with institutional investors in a single day on August 19, 2026, via SMBC Nikko Securities, even as Hitachi Construction Machinery says its engineering partnership with Hitachi continues.

  15. Tokio Marine splits stock 15-for-1, adds three-year loyalty perk

    Tokio Marine will multiply its share count fifteenfold on October 1 to shrink the ticket price for retail buyers, but its new shareholder perk pays out only after three years of continuous holding, and while the ¥200bn buyback budget is unchanged, the split-adjusted dividend forecast is only substantively, not exactly, the same as before.

  16. Osaka Titanium Raises ¥22bn and Taps State Aid to Chase Aerospace's Russia-Free Titanium Demand

    Osaka Titanium is combining a ¥22bn share sale with a government subsidy of up to ¥8.0bn to lift sponge-titanium capacity 25% at its Amagasaki plant, betting aerospace buyers keep substituting away from Russian metal.

  17. Isuzu Prices ¥40bn Bond Sale to Refinance Debt Coming Due Next Month

    The truckmaker will pay 2.595% on new five-year notes and 2.948% on seven-year notes, raising ¥40bn largely to retire ¥30bn of bonds maturing on September 29.

  18. Two Fukuoka Investors Sell Out of Storage-Oh Entirely as Tender Offer Closes

    A combined 26.1% stake in the storage operator, held by two Fukuoka investors, hit zero on August 21 when both tendered every share into a tender offer at ¥1,340 apiece.

  19. 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.

  20. Marui Group Fixes ¥3,231 Conversion Price for Its 2031 Euro-Yen Convertible Bond

    Marui Group has locked in ¥3,231 as the conversion price for its euro-yen convertible bond due 2031, replacing a demand-based formula it had left open when it first disclosed the overseas-only offering.

  21. Lintec's ¥30bn Buyback Trims Nippon Paper's Pending Share Sale by a Quarter

    Lintec's ¥30bn treasury buyback absorbed ¥29.4bn of Nippon Paper's stake directly, cutting the pending secondary offering to 12.4 million shares and handing Nippon Paper a ¥26.3bn gain ahead of pricing due September 1 to 3.

  22. SAAF Holdings Strips Director Kin and Officer Stock Club of Vote on Its Own Takeover Defense

    SAAF Holdings' independent committee has excluded nearly 1,900 voting rights held by directors' relatives and an officer stock club from the August 25 takeover-defense ballot, alongside the 19-shareholder bidder group and the directors themselves.

  23. Activist Investor Group Lifts Combined Noritz Stake to 11.65%

    An activist consortium led by NIPPON ACTIVE VALUE FUND now controls 11.65% of Noritz, up a full percentage point from its prior disclosure, and it says further shareholder proposals could follow if talks with management stall.

  24. Marui Sells ¥50bn Zero-Coupon Bonds to Fund Fintech Growth, Times a ¥15bn Buyback to Match

    The retail-and-fintech group is borrowing at zero interest to fund growth across its group subsidiaries, including credit-card unit Epos Card, while ordering a same-day buyback of 5.01mn shares worth roughly ¥15bn, a structure meant to lift ROE and EPS while keeping bondholders from converting until the stock climbs well above today's price.

Japan Capital and Governance (Page 12) | Tokyo Brief