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Toyota sold $2 billion worth of cross-held listed shares in FY2023/24, filing shows

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Toyota sold $2 billion worth of cross-held listed shares in FY2023/24, filing shows

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)