FINWIRES · TerminalLIVE
FINWIRES

Market Chatter: Japan's Megabanks, Insurers Race to Unload Cross-Shareholdings as Stocks Rally

By

Japanese banks and insurers are speeding up sales of strategic shareholdings to cash in on surging stock prices, as investors eye how the proceeds will be used, Bloomberg News reported on Wednesday.

Sumitomo Mitsui Financial Group (TYO:8316) has already achieved 52% of its 600 billion yen reduction target for the five years through March 2029, while Mizuho (TYO:8411) has cut 110 billion yen and reached 33% of its three-year goal as of March, the news wire said.

The three major nonlife insurance groups - Tokio Marine (TYO:8766), MS&AD (TYO:8725), and Sompo (TYO:8630) - aim to eliminate all strategic holdings by March 2031, having already reduced their combined shares from 1.53 trillion yen in March 2024 to 920 billion yen by March 2026, or 40% of their target, the publication said.

Recent transactions include major contractor Shimizu (TYO:1803) seeing over 14 million shares sold by Mizuho Bank and Tokio Marine, while five financial institutions offloaded nearly 7 million shares of electronics maker Ibiden (TYO:4062).

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Related Articles

Asia

Pacgold to Demerge North Queensland Projects to Manda Resources, Shares Up 10%

Pacgold (ASX:PGO) entered into a binding agreement to demerge the Alice River gold project and St George gold-antimony projects, both in North Queensland, into Manda Resources, an entity backed by its major shareholder, Emerald Resources (ASX:EMR), according to a Wednesday Australian bourse filing.Subject to Pacgold shareholder approval, eligible Pacgold shareholders will receive an in-specie distribution of one Manda share for every 6.76 Pacgold shares held, representing 64 million shares in Manda at a deemed issue price of AU$0.25.Manda is expected to raise AU$9 million after a pre-initial public offering (IPO) seed capital raising round. It will then seek to acquire a public unlisted company, Territory Minerals, securing ownership of the Tregoora, Northcote, Atric, and Reedy gold projects, also in North Queensland.Manda received in-principle advice from the ASX that its structure and operations are suitable for a listing and it plans to conduct an IPO late in the year. It expects to raise a minimum of AU$21 million, before costs, subject to market conditions. Manda will seek to offer Pacgold shareholders a priority allocation of AU$2 million within the IPO.Emerald expects to cornerstone the IPO raising and intends to hold around a 19.9% stake in Manda after the IPO.Its shares jumped 10% in recent trading on Wednesday.

$ASX:EMR$ASX:PGO
Asia

Hangzhou Tigermed Consulting Names New Chairman, CFO

Hangzhou Tigermed Consulting (HKG:3347, SHE:300347) elected Ye Xiaoping as chairman and appointed Yang Chengcheng as chief financial officer, effective Tuesday, according to a same-day Hong Kong bourse filing.The clinical trial services provider also appointed Peng Yifei as chief operating officer and Wu Hao as co-president.

$HKG:3347$SHE:300347
Asia

COSCO Shipping Awards 6.45 Billion Yuan Contract for Four LNG Vessels to Jiangnan Shipyard

COSCO Shipping Energy Transportation (HKG:1138, SHA:600026) has awarded a 6.45 billion yuan contract to Jiangnan Shipyard for the construction of four LNG vessels, according to a Tuesday filing with the Hong Kong bourse.The company is seeking four LNG carriers, each with a guaranteed cargo capacity of at least 175,000 cubic metres and a deadweight of approximately 80,800 metric tons at design draught, each.Each vessel will cost about 1.61 billion yuan and COSCO Shipping said it would settle payment in five installments.The vessels are scheduled for delivery between 2029 and 2030, and will help "reinforce and expand" the shipping capacity of the company's LNG fleet, COSCO Shipping said.

$HKG:1138$SHA:600026