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Japan Capital and Governance (Page 9)

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

  1. Oliver Corporation's IPO Prices at ¥305, but Every Share Sold Belongs to Existing Shareholders

    Oliver Corporation priced its Tokyo listing at ¥305 a share, the top of its range, but the entire offering is a secondary sale by three existing shareholders, and the Aichi chairmaker collects no proceeds from the deal.

  2. Oasis Lifts Infomart Stake to 15.82% and Sets Out a Formal Board and Asset-Sale Agenda

    Oasis Management has already asked Infomart to consider selling assets and reshaping its board, disclosed plans to buy more than five additional percentage points within three months, and put delisting on its list of options for the next year.

  3. Nippon Paper's LINTEC Stake Craters From 24% to 3% After Share Sale

    Nippon Paper's voting stake in adhesive-materials maker LINTEC fell from 23.89% to 3.12% after a September 8 secondary offering, and a Mizuho greenshoe running to September 28 could wipe out what remains.

  4. LECRE's IPO Sends Most of the Money to Its Founder, Not the Company

    LECRE's Growth Market listing splits into a small ¥680mn primary raise for the construction-photo software maker and a far larger ¥3.86bn secondary sale by its founder, with final pricing still pending an October 5 decision.

  5. HI-LEX Books ¥1.41bn Gain as It Sells Down Cross-Shareholdings Toward 10%-of-Net-Assets Target

    A single stock sale hands HI-LEX Corporation a ¥1.411bn one-off gain, part of ¥15.988bn in cross-shareholding disposals this fiscal year as the auto-parts supplier works to cut policy-held shares to 10% or less of consolidated net assets, with no word yet on whether earnings guidance will change.

  6. Ajinomoto Burns Through Buyback Budget Faster Than Its Share Count

    Ajinomoto has used 79.58% of its ¥80bn repurchase budget but only 48.73% of its 30 million share cap, with the program set to run through November 30, 2026.

  7. ACSL's ¥5.17bn Overseas Share Sale Forces Exercise-Price Cuts on Eight Warrant Series

    ACSL raised about ¥5.17bn selling 4.18 million new shares to non-resident investors at ¥1,237.25 each, and because that price undercut the reference level in its stock-option terms, exercise prices on eight warrant series approved between 2017 and 2026 all move down from September 9.

  8. Evo Fund Cuts Delta-Fly Pharma Stake to 33.39% After Cashing In Cut-Price Warrants

    The Cayman fund acquired warrants priced at ¥0.14 apiece that the filing logs under a 41.14% holding-ratio entry, then exercised and sold into the market through August, trimming its combined stake to 33.39% from 41.97% by September 1.

  9. ORIX Trims Baroque Japan Stake Below 12% After a Two-Month Run of Stock Sales

    ORIX's holding in Tokyo-listed fashion retailer Baroque Japan fell to 11.96% from 13.11% after a steady run of on-market disposals from July into September, large enough to trigger a mandatory large-shareholding disclosure.

  10. Tachibana Eletech Ditches Stable Dividend, Plans ¥120 Payout While It Sheds Cross-Held Shares

    The industrial-equipment trader will lift its annual dividend by ¥20 to ¥120 for the year ending March 2027, its first move under a new progressive-dividend policy, while it gradually unwinds cross-shareholdings that have kept daily trading value near ¥141mn.

  11. Ibis Holdings Swaps Two PRO Market Listings for Nagoya Next and Fukuoka Q-Board

    The disability-support operator will delist from TOKYO PRO Market and Fukuoka PRO Market on October 12, then list on Nagoya's Next market and Fukuoka's Q-Board a day later, funding the move with a share offering whose price is still undecided and starting its first dividend since founding.

  12. Terra Drone Clears Final Warrant Tranche, Staged Financing Tops ¥11.98bn

    Terra Drone finished exercising its 21st warrant series on September 7, 2026, delivering 102,000 shares and closing a staged Mizuho Securities financing that landed ¥290.0mn above its original target.

  13. Canon Wraps Up ¥200bn Share Buyback Ahead of Deadline

    Canon spent ¥199,999,719,200 buying back 45.33 million shares under a board authorization that ran to January 2027, closing the program in early September with the yen budget almost fully used.

  14. Oricon Shareholders Approve Share Consolidation That Will Delist the Stock

    Oricon shareholders approved a 2,333,576-to-1 share consolidation with roughly 99.4% support, shrinking outstanding shares to five and confirming delisting from the Tokyo Stock Exchange on September 28.

  15. Suntory Fixes Terms on a 35-Year Bond That Can Skip Its Own Coupon Payments

    The drinks group's Series 6 subordinated bond runs to 2061, lets Suntory defer interest at will without triggering default, and steps up its floating coupon in 2036 and 2051, terms it left blank until this week's amended EDINET filing.

  16. Okumura's First Social Bond Will Pay for Ending 60-Day Notes to Subcontractors

    Okumura plans to pay every subcontractor in full cash instead of 60-day promissory notes, funding the switch with its first social bond, whose framework JCR has just rated Social 1(F), its top tier.

  17. Nippon Yusen Commits Every Yen of a Planned Transition Bond to LNG-Fueled Ships

    Nippon Yusen has amended its bond shelf registration to pledge that a planned transition bond will fund LNG-fueled vessels entirely, backed by a framework reviewed by DNV Business Assurance Japan, but the bond's size, maturity and payment date remain undecided.

  18. Shinko Shoji Sets October Vote to Force Out Remaining Shareholders

    Shinko Shoji's board approved cancelling 1.66 million treasury shares and called an October 9 vote on a share consolidation that would delist the electronics distributor by October 29, completing a takeover it never fully endorsed on price.

  19. Oasis Management Lifts en inc. Stake to 13.45% and Adds Delisting to Its Demands

    Oasis Management's stake in Tokyo-listed en inc. has climbed to 13.45% from 12.41%, and its filing shows the fund has already proposed delisting the shares and a capital-policy change that could hand a third party majority control, with a broader agenda, including possible dismissal of the representative director, reserved for the next 12 months.

  20. 3D Investment Partners Pushes Past 10% of J. Front Retailing, Reserves Right to Demand Board Changes

    The Singapore fund's stake in the department-store group crossed 10% of outstanding shares this week, and its regulatory filing now reserves the right to formally propose board changes, asset sales or a dividend overhaul.

  21. Marubeni's ¥60bn Buyback Rounds to Full Value as a Second ¥100bn Program Runs Alongside It

    Marubeni's ¥60bn share-buyback authorization rounds to 100.00% of its value ceiling while covering only 58.83% of the shares targeted, and the trading house is running a second, ¥100bn authorization at the same time, through March 2027.

  22. Capital Research and Capital International Report Combined 5.20% Nintendo Stake

    Two Los Angeles-based advisers, Capital Research and Management Company and Capital International, Inc., jointly hold 66.9mn Nintendo shares, just above the threshold that triggers Japan's large-shareholding disclosure rule, with 8.29mn American depositary receipts in the mix converting into only 2.07mn of those shares.

  23. Nomura Group Lifts Combined Stake in JFE Holdings to 7.74%

    A joint EDINET filing shows Nomura Securities, Nomura International and Nomura Asset Management holding just under 50 million JFE Holdings shares between them, with over 13 million tied to bonds carrying share-subscription rights rather than a takeover push.

  24. Hokkaido Electric prices ¥30bn green bond to bankroll grid link with Honshu

    Hokkaido Electric Power priced a 3.458% coupon on ¥30bn of new 10-year bonds and is routing the proceeds to its grid subsidiary for renewable-linked network upgrades, including expansion of the undersea interconnection with Honshu.

Japan Capital and Governance (Page 9) | Tokyo Brief