Tsubakimoto Chain Co. announces an Equity Buyback for 1,200,000 shares, for ¥5,000 million.
May 23, 2023 at 02:00 am EDT
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Tsubakimoto Chain Co. (TSE:6371) announces a share repurchase program. Under the program, the company will repurchase 1,200,000 shares, representing 3.24% of its share capital, for ¥5,000 million.
The company will repurchase its shares in order to implement a flexible capital policy that responds to changes in the business environment, enhance shareholder returns, and improve capital efficiency over the medium to long term, and cancel all acquired treasury stock. The program will run until March 29, 2024. As of March 31, 2023, the company had 37,032,697 shares outstanding (excluding treasury shares) and 1,248,696 shares in treasury.
TSUBAKIMOTO CHAIN CO. is mainly engaged in the manufacture and sale of chains for power transmission and transportation use, variable speed reducers, linear working units, timing chains, power drive chains, conveyors and transportation systems. In addition, the Company is also involved in the manufacture, sale, research and development of automotive parts and material handling equipment. The Company operates through four segments: Chain, Precision Equipment, Automobile Parts and Material handling segments. The Chain segment offers standard form chains, oil-free chains, powerful chains, standard conveyor chains and free flow chains, as well as cable chains and cable accessories, among others. The Precision Equipment segment provides gear motors, gear-boxes, tensioners, guides, levers, sprockets, among others. The Automobile Parts segment provides tensioners, guides, power drive chains and others. The Material Hnadling segment provides systems for the logistics industry and others.
TSUBAKIMOTO CHAIN CO. 
