Cross-Shareholdings
Basic Policy
The Company holds shares as cross-shareholdings when it determines that they will contribute to enhancing corporate value over the medium to long term through their strategic importance to the Group’s business and the maintenance and strengthening of business relationships.
At the same time, the Company recognizes improving capital efficiency as an important management priority in implementing management that is conscious of the cost of capital and share price. Accordingly, the Board of Directors reviews and verifies its cross-shareholdings annually, taking into consideration the purpose of each holding, the status of business relationships, profitability and growth potential, as well as the benefits of holding the shares in comparison with the cost of capital.
Based on the results of these reviews, the Company reduces its holdings of shares that are deemed to have insufficient strategic significance, taking into account dialogue with the companies whose shares are held.
In exercising voting rights, the Company makes a comprehensive judgment from the perspective of contributing to the enhancement of the corporate value and shareholder value of the companies whose shares are held.
Going forward, the Company will continue to improve asset efficiency through the reduction of cross-shareholdings, thereby contributing to further improvements in ROE and PBR.
Reduction in Cross-Shareholdings
List of Cross-Shareholdings
Specified equity securities
| Securities |
Number of shares |
Holding of the Company’s shares |
| FY2025 |
FY2024 |
| Mitsubishi UFJ Financial Group, Inc. |
1,193,854 |
1,193,854 |
Yes |
| OSAKA SODA CO., LTD. |
1,230,000 |
1,230,000 |
Yes |
| Inabata & Co., Ltd. |
393,300 |
393,300 |
Yes |
| Zeria Pharmaceutical Co., Ltd. |
374,000 |
374,000 |
Yes |
| Mebuki Financial Group, Inc. |
620,100 |
620,100 |
Yes |
| Iyogin Holdings, Inc. |
194,875 |
194,875 |
Yes |
| TODA CORPORATION |
282,200 |
282,200 |
Yes |
| The Toho Bank, Ltd. |
600,000 |
600,000 |
Yes |
| Takeda Pharmaceutical Company Limited |
50,000 |
50,000 |
Yes |
| DAIKIN INDUSTRIES, LTD. |
8,800 |
8,800 |
Yes |
| YUKI GOSEI KOGYO CO., LTD. |
366,000 |
366,000 |
Yes |
| VITAL KSK HOLDINGS, INC. |
93,460 |
93,460 |
Yes |
| Sankyu Inc. |
14,674 |
14,674 |
Yes |
| SUZUKEN CO., LTD. |
21,232 |
21,232 |
Yes |
| HOKUYAKU TAKEYAMA Holdings, Inc. |
112,500 |
112,500 |
Yes |
| Daito Pharmaceutical Co., Ltd. |
48,400 |
24,200 |
Yes |
| C’ BON COSMETICS Co., Ltd. |
17,300 |
17,300 |
Yes |
| Mitsubishi HC Capital Inc. |
- |
500,000 |
No |
| CAC Holdings Corporation |
- |
200,900 |
No |
| KAGA ELECTRONICS CO., LTD. |
- |
142,000 |
Yes |
| MEDIPAL HOLDINGS CORPORATION |
- |
136,911 |
No |