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Toyota sold $2 billion worth of cross-held listed shares in FY2023/24, filing shows
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Global Banking and Finance Review
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TOKYO (Reuters) – Toyota sold $2 billion worth of cross shareholdings of listed companies in the year that just ended, the Japanese automaker disclosed in a regulatory filing on Tuesday.
TOKYO (Reuters) – Toyota sold $2 billion worth of cross shareholdings of listed companies in the year that just ended, the Japanese automaker disclosed in a regulatory filing on Tuesday.
The world’s top-selling automaker sold 325.9 billion yen ($2.04 billion) worth of such shares in the business year to end-March.
It still has 124 such stakes, from 141 previously, the filing showed.
The scope of its cross-shareholding and the pace of the selling is being closely watched by the market, given Toyota’s influence and stature in corporate Japan.
Toyota reduced its stakes in airlines ANA Holdings, Japan Airlines and East Japan Railway to zero. Those firms did not hold shares of the car maker.
($1 = 159.4300 yen)
(Reporting by Daniel Leussink; Editing by Muralikumar Anantharaman)
Cross-shareholding is a practice where companies hold shares in each other to strengthen business ties and reduce the risk of hostile takeovers.
Equity refers to the ownership interest in a company, represented by shares of stock. It signifies the value of an owner's stake in the business.
Corporate governance is the system of rules, practices, and processes by which a company is directed and controlled, focusing on the interests of stakeholders.
A portfolio is a collection of financial investments such as stocks, bonds, commodities, and cash equivalents, managed to achieve specific financial goals.
Financial markets are platforms where buyers and sellers engage in the trade of assets such as stocks, bonds, currencies, and derivatives.
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