TOKYO: Denso and Aisin, two of Toyota’s main suppliers, have sold their stakes in several Toyota-related companies.
Denso, one of the world’s largest auto component makers, sold its stake in Toyota Group companies including Toyota Boshoku Toyota Tsusho, Toyoda Gosei and Hino Motors in its fiscal year ending March.
Ayisin reduced his holdings in those companies to zero and sold his Denso shares, according to a separate filing.
Both have shares in other Toyota Group companies. In recent years, Toyota shares have come under renewed scrutiny as many companies have eliminated practices considered black marks by management, which can lead to poor relations between management and large shareholders.
Shareholder support for Toyota Chairman Akio Toyoda fell for the second year in a row at this week’s annual general meeting, and management played a role.
Toyota has said it will sell shares to accelerate its transformation.
Denso said in April it planned to sell all its shares as it sought to finance acquisitions and other investments.
