Japanese State Fund INCJ Sells $1.8 Billion Stake in Semiconductor Manufacturer Renesas Electronics

Shares mainly offloaded to foreign institutional investors in move marking INCJ's continued exit from the chipmaker, aiming to complete all investment exits by 2025.

• Japanese state-backed fund INCJ sold the majority of its stake in Renesas Electronics, a semiconductor manufacturer, offloading shares worth ¥279 billion ($1.84 billion) primarily to overseas institutional investors.
• With a sale price of ¥2,143 per share, this represented an 8.01% discount on Renesas' closing share price on the day before the sale.
• Out of its earlier holding of 6.65% of Renesas' shares, INCJ has only retained 75 shares compared to the 130 million it held previously.
• This move is a part of INCJ's larger plan to exit from all its investments by March 2025, a strategy it has been steadily implementing over recent years.
• INCJ first invested in Renesas in 2013, acquiring a 69% stake in the chipmaker which was then experiencing significant losses due to intense competition from its global rivals, including Samsung Electronics.

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