Oi Electric Co., Ltd. announces an Equity Buyback for 2,200,000 shares, representing 14.97% for ¥684.2 million.
February 22, 2017 at 10:00 pm IST
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Oi Electric Co., Ltd. (JASDAQ:6822) announces a share repurchase program. Under the program, the company will repurchase up to 2,200,000 shares, representing 14.97% of its share capital, at ¥311 per share for ¥684.2 million. The company is repurchasing its shares through the Tokyo Stock Exchange off-floor treasury share trading (ToSTNeT-3). The company will repurchase its shares in order to implement a flexible capital policy which responds to changes in the business environment. As of September 30, 2016, the company had 14,700,000 shares outstanding and 26,183 shares in treasury.
Oi Electric Co., Ltd. is a Japan-based company engaged in the manufacture and sale of information communication equipment, as well as network construction and maintenance business. The Company operates through two business segments. The Information and Communication Devices Manufacturing and Sales segment is mainly engaged in the manufacture and sale of optical transmission systems, security and monitoring systems, remote measurement and sensing systems and related devices for wireless application systems. Network Construction & Maintenance segment is mainly engaged in construction and maintenance of communication equipment, optical network and cable television (CATV), among others. In addition, the Company is also engaged in other business such as cafeteria operations, building management and staffing.
OI ELECTRIC CO., LTD. 
