Mitsuboshi Belting Ltd. announces an Equity Buyback for 550,000 shares, representing 0.88% for ¥450 million.
June 29, 2016
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Mitsuboshi Belting Ltd. (TSE:5192) announces a share repurchase program. Under the program, the company will repurchase 550,000 shares, representing 0.88% of the outstanding shares, for ¥450 million. Shares will be repurchased in the Tokyo Stock Exchange Off-Auction Own Share Repurchase Trading (ToSTNeT-3). The purpose of this program is to implement a flexible capital policy corresponding to changes in the business environment. The program will run until July 31, 2016. As of May 31, 2016, the company had 62,596,140 shares outstanding and 5,612,257 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.