Shares of Lintec Corp. fell to a three-month low on Friday after its largest shareholder announced plans to dispose of its stake, as Japanese firms increasingly divest non-core assets to improve capital efficiency.

The Tokyo-based adhesive manufacturer's stock dropped as much as 8.9% to the lowest level since May 20. Nippon Paper Industries Co., the seller, plans to offer 17 million shares valued at approximately ¥98 billion ($616 million) based on Thursday's closing price.

Additionally, the shareholder is offering up to 2.6 million shares for overallotment, according to the official release. This move reflects broader trends among Japanese companies streamlining operations through strategic asset sales.