Apricus Partners LLC Cuts Stake in Toho Zinc (5707) to 13.4% | Large Shareholding Report

A large shareholding report (EDINET filing) reveals that Apricus Partners LLC has reduced its stake in Toho Zinc (5707) to 13.4%. The company is engaged in smelting and refining of zinc and other non-ferrous metals, as well as manufacturing and selling related chemical products. At 13.4% ownership, Apricus holds a position equivalent to a major shareholder in terms of Toho Zinc's market capitalization. This change report indicates that the holding ratio declined by 1.19 percentage points from the previous disclosure.

Apricus Partners LLC first filed a large shareholding report on March 17, 2026, when it held 21.3% of the company. With 19 total disclosures including this one, the investor has reduced its stake by 7.9 percentage points over approximately five months. The company has pursued gradual share sales through multiple transactions, systematically unwinding its position. The estimated sale proceeds amount to approximately ¥270 million, calculated at the stock price of ¥1,232 as of the filing date.

Within Toho Zinc's shareholder structure, AP International VII GP, Inc. stands as the largest shareholder at 34.39%. Following this are JBO (AP) VII, Inc. at 16.76% and CCM VII, Inc. at 16.56%, with CJIP (AP) VII, Inc. holding 11.37%. Apricus Partners' 13.4% represents a significant position in a structure where multiple large investors coexist. As the second-largest individual shareholder after the 34.39% stake, its actions carry weight in understanding shifts in ownership composition.

At the filing date, Toho Zinc traded at a PBR of 2.36 times, reflecting a premium to book value. The stock's position at 39% within the 52-week range indicates it sits in an uptrend phase with room to approach the high. Commodity price movements and supply-demand dynamics in the non-ferrous metals sector remain influential drivers of these valuation metrics.

*Speculation: As a major overseas investment fund has become the principal shareholder of Toho Zinc, Apricus Partners' staged share reduction may reflect capital reallocation or a shift in investment focus toward other opportunities.