FreeBit Co (TYO:3843) said Hikari Tsushin is no longer classified as an affiliated company after a dilution in its voting rights share following a third-party share allotment to SoftBank (TYO:9984).
The Tokyo-based tech firm issued 1.6 million common shares to SoftBank on April 3, increasing total voting rights to 217,768 from 201,768.
As a result, the Hikari Tsushin Group's indirect holdings fell to 18.83%, below the 20% threshold required for affiliate status.
Hikari Tsushin, a diversified firm active in telecoms, insurance, and utilities, had previously held a 20.33% voting stake via four subsidiaries.
Shares of the company declined over 2% in morning trade Wednesday.
Price (JPY): $1354.00, Change: $-45, Percent Change: -3.22%
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