Kitano Construction Corp. announces an Equity Buyback for 300,000 shares, representing 4.77% for ¥700 million.
August 29, 2019 at 09:30 am IST
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Kitano Construction Corp. (TSE:1866) announces a share repurchase program. Under the program, the company will repurchase 300,000 shares, representing 4.77% of the outstanding shares for ¥700 million. The purpose of the program is to implement a flexible capital policy in response to changes in the business environment. The program will run until February 28, 2020. As of July 31, 2019, the company had 6,292,345 shares outstanding and 544,508 shares in treasury.
KITANO CONSTRUCTION CORP. is a Japan-based company mainly engaged in the plan, design, construction management and consulting for construction work. The Company operates through four business segments. The Construction segment is involved in the construction work and civil engineering work, incidental development business and solar power generation business, as well as the general management and security of buildings. The Golf Course segment is involved in the operation of Kawanakajima Country Club. The Hotel segment is involved in the hotel management of Solomon Kitano Mendana Hotel and Hotel Duparc Hanoi, as well as the hotel in Nagano City. The Advertising Agency segment is involved in the operation of advertising agencies.