On Jul 3, NAJホールディングス株式会社 submitted the Change Report to Ministry of Finance. The report shows that NAJホールディングス株式会社 decreased their holdings in $Nippon Avionics (6946.JP)$, with their joint shareholding ratio down from 57.8% to 50.01%.
Source: Edinet Announcement
What is the 5% shareholding reporting system?
Shareholders with holding ratio exceeding 5% must submit a Large Shareholding Report within five business days from that day. If the holding ratio increases or decreases by 1% or more after submitting a Large Shareholding Report, the holder must submit a Change Report within five business days from that day.