Gokurakuyu Co., Ltd. closed an Equity Buyback in the amount of ¥286 mm
February 28, 2013 at 09:30 am IST
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The Board of Directors of Gokurakuyu Co., Ltd. (JASDAQ:2340) authorized a share repurchase program on February 15, 2013. Under the program, the company will repurchase up to 1,000,000 shares, representing 9.44% of the total number of outstanding shares. The repurchase will amount to ¥300 million. The repurchases will be in accordance with article 156 in lieu of article 165, section 3 of the Companies Act. The purpose of the program is to pursue a dynamic capital strategy responsive to changes in the business world. The repurchases will commence on February 15, 2013, and will end on August 15, 2013. As of February 15, 2013, the company has 10,591,325 shares outstanding excluding treasury shares and has 937,675 shares in treasury.
On February 27, 2013, the Board of Directors authorized the repurchase of 1,000,000 shares at a price of ¥286 per share, for a total of ¥286 million. The shares will be repurchased through a purchase consignment in the J-Net market of the Osaka Securities Exchange. The repurchase will be made on February 28, 2013.
Gokurakuyu Co., Ltd. completed its share repurchase program on February 28, 2013.
GOKURAKUYU HOLDINGS CO., LTD. is a Japan-based company mainly engaged in the hot bath business. The Company operates through two regional segments. The Company is mainly engaged in the operation of large-scale hot bath facilities (super public baths) in Japan and overseas under the names GOKURAKUYU and RAKU SPA. The directly operated stores receive entrance fee income, food and beverage income, hairdressing income and merchandise sales income. The franchise stores receive merchandise sales income and royalty income related to super public bath management based on membership contracts. The Company is also engaged in the operation of soba and tempurameshi stores Kojimachi Baraku in Japan, as well as the operation of hotels in overseas.