Rheon Automatic Machinery Co., Ltd. announces an Equity Buyback for 1,100,000 shares, representing 3.96% for ¥665.5 million.
February 22, 2016
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Rheon Automatic Machinery Co., Ltd. (TSE:6272) announces a share repurchase program. Under the program, the company will repurchase up to 1,100,000 shares, representing 3.96% if its common stock. The shares will be purchased at a price of ¥605 per share for a total of ¥665.5 million.
The purpose of the repurchase program is to implement a flexible capital policy corresponding to changes in the business environment. Repurchases will be made through Off-Auction Own Share Repurchase Trading (ToSTNeT-3). As of January 31, 2016, the company had 27,774,055 shares outstanding excluding treasury shares and had 617,945 shares in treasury.
RHEON AUTOMATIC MACHINERY CO.,LTD. is a Japan-based company mainly engaged in the development, manufacture and sale of automatic food processing machines, and manufacture and sale of food products. It operates through two business segments. Food Processing Machinery Manufacturing and Sales business operates in Japan, North and South America, Europe and Asia, and is engaged in development, manufacture and sale of food molding machines and bread making lines. It also provides equipment and parts repair, options and technical guidance service. It provides ovens, mixers and packaging machines purchased from other companies. Food Manufacturing and Sales business operates in North and South America and Japan. It manufactures and sells high-processing frozen foods such as croissants, danish pastries, pies, cookies and frozen roll-in dough, and natural yeast bread. Food processing machines include universal automatic packaging machines, Martians, flex in clusters, EZ dividers and others.