Heiwa Paper Co.,Ltd. (TSE:9929) announces a share repurchase program. Under the program, the company will repurchase 100,000 shares, representing 1.03% of the outstanding shares, at ¥454 per share for ¥45.4 million. The purpose of the program is to improve shareholder returns and to enable the implementation of a flexible capital policy in response to changes in the business environment. As of August 9, 2018, the company had 9,712,818 shares outstanding and 404,099 shares in treasury.