THE STAR. 22ND NOVEMBER: Warren Buffett’s Berkshire Hathaway Inc has increased its stakes in five of Japan’s major trading companies, according to filings.
Berkshire Hathaway first bought stakes in Japan’s trading houses – also known as “sogo shosha” – in August 2020, acquiring about 5% of each of the firms.
The trading companies, which invest in oil and natural gas projects globally, have booked stellar earnings in the most recent quarter, fuelled by the boom in commodities.
Mitsui announced a 140 billion yen (US$1bil or RM4.55bil) stock buyback earlier this month on the back of a jump in earnings from higher energy prices.
Berkshire’s insurer National Indemnity Co increased its stake in Mitsubishi Corp to 6.59% from 5.04%, according to documents filed to the Finance Ministry in Tokyo.
The entity also added to its stakes in Marubeni Corp, Itochu Corp, Mitsui & Co and Sumitomo Corp. It was unclear from the filings when the stakes were increased.