Mitsuboshi Belting Ltd. announces an Equity Buyback for 400,000 shares, representing 1.37% for ?802.4 million.
November 08, 2021 at 02:00 am EST
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Mitsuboshi Belting Ltd. (TSE:5192) announces a share repurchase program. Under the program, the company will repurchase up to 400,000 shares, representing 1.37% of its issued share capital (excluding treasury stock), for ?802.4 million. The shares will be repurchased at a price of ?2,006 per share. The purpose of the program is to improve capital efficiency and implement agile capital policies in response to changes in the business environment. The program will run until November 9, 2021. As of October 31, 2021, the company had 29,120,945 shares in issue (excluding treasury stock) and 3,483,253 shares in treasury.
Mitsuboshi Belting Ltd. is a Japan-based manufacturing company mainly engaged in the manufacture and sales of belts and construction materials. The Company operates in three business segments along with its subsidiaries. The Domestic Belts segment manufactures and sells belts for automobiles, general industry and transportation use in domestic market. The Overseas Belts segment manufactures and sells belts for automobiles, general industry, office automation (OA) equipment and other use in overseas markets. The Construction Materials segment manufactures and sells waterproof sheets for construction and civil engineering use and related products. The Company also involves in the provision of equipment and machinery, third-party products, engineering structural forms and related services.