Trading was halted in Tokyo for the subsidiaries Vinx, Cyber Com, Cybernet Systems and Fuji Soft Service Bureau.

Fuji Soft holds a more than 50% stake in the companies, according to LSEG data.

Japanese companies have come under increasing pressure to improve governance and capital efficiency. One practice that has attracted heightened scrutiny is cross-shareholding, where companies take stakes in partners to cement relationships and avoid activist investors.

Fuji Soft was the subject of a proxy battle last year, when Singapore-based investment hedge fund 3D Investment Partners got two of its nominees on the Japanese company's board.

(Reporting by Rocky Swift; Editing by Tom Hogue and Jamie Freed)