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Hikari Business Form

3948.TPulp & Paper
Major holders (5%+) · 3
HolderStakeChangeFiled
Be Brave Inc.10.34%+1.05pp2026-07-28
Mitsutoki Shigeta6.02%+1.00pp2026-04-10
LNS Management Pte. Ltd.5.16%—2024-08-01

Each holder's own ratio from its most recent large-shareholding report.

Ownership history · 9
FiledHolderRatioChangePurpose
2026-07-28Be Brave Inc.2026-07-2810.34%+1.05ppMaterial proposals to management (activist); Engagement / governance dialogue; Pure investment; Strategic holding (cross-shareholding); Long-term holding
2026-04-10Mitsutoki Shigeta2026-04-106.02%+1.00ppPure investment
2025-08-06Mitsutoki Shigeta2025-08-065.02%newPure investment
2025-07-03Be Brave Inc.2025-07-039.29%+1.16ppMaterial proposals to management (activist); Pure investment
2025-06-19Be Brave Inc.2025-06-198.13%+1.07ppMaterial proposals to management (activist); Pure investment
2025-05-13Be Brave Inc.2025-05-137.06%+1.04ppMaterial proposals to management (activist); Pure investment
2025-04-25Be Brave Inc.2025-04-256.02%+1.02ppMaterial proposals to management (activist); Pure investment
2025-03-26Be Brave Inc.2025-03-265.00%newMaterial proposals to management (activist); Pure investment
2024-08-01LNS Management Pte. Ltd.2024-08-015.16%new—

Each holder in 5% reports, joint holders included. Purpose is classified from the filed text.