Minato Holdings Inc. (6862) said on Oct. 7 it will terminate a capital and business alliance agreement with Media Trust and Minato subsidiaries Brain and Daiki Sound after finding multiple breaches of contract, and expects to book a loss of about ¥150 million in the second quarter of the fiscal year ending March 2027.
A review of the finances, business relationships, labor management and other operations of Brain and Daiki Sound found that information provided by Media Trust differed from actual conditions and that the agreement had been breached on multiple counts, Minato said. The breaches include an event with an adverse impact of about ¥150 million on Daiki Sound's financial position.
Minato announced the alliance on Feb. 27, 2025, signed the agreement on March 5 that year and later acquired shares in Brain and Daiki Sound. It said the trust essential to the partnership had been severely damaged and that it reserves its rights under law and contract. The termination does not affect its holdings: Brain, 99.0% owned, and Daiki Sound, 66.0% held directly, remain consolidated subsidiaries.
Minato will end business cooperation with Media Trust, and the one director and one corporate auditor it sent to Media Trust will step down. It holds 10 million Media Trust preferred shares acquired for ¥10 million and will seek their redemption, though timing and method have not been decided. The shares were written down to a nominal ¥1 at the end of the fiscal year ended March 2026, when a loan from Daiki Sound to Media Trust was also fully provisioned.
Separately, Masanobu Kondo, who is also president of Media Trust, resigned as president and director of Brain on Oct. 7. Brain director Masahiko Miura, a Minato executive officer, succeeds him as president.
Next steps: The termination takes effect when the notice, sent Oct. 7, reaches the counterparties. The roughly ¥150 million loss is to be booked in results for the second quarter of the fiscal year ending March 2027, with accounting treatment under review. The impact on full-year consolidated results is still being assessed.
| Hikari Tsushin, Inc. | |
| Offer price | ¥1,000 per common share |
| M&A / TOB | 1 |
| Guidance | 0 |
| Buybacks | 0 |
| Dividends | 0 |
| Capital | 0 |
| Earnings | 0 |
| People | 0 |
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