Aichi Electric Co., Ltd. announces an Equity Buyback for 150,000 shares, representing 1.56% for ¥418.35 million.
February 24, 2017 at 02:49 am EST
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Aichi Electric Co., Ltd. (NSE:6623) announces a share repurchase program. Under the program, the company will repurchase up to 150,000 shares, representing 1.56% of its share capital, at ¥2,789 per share for ¥418.35 million in total. The company is repurchasing its shares through the Nagoya Stock Exchange off-floor treasury share trading (N-NET3). The company will repurchase its shares in order to improve capital efficiency, implement shareholder returns, and a flexible capital policy which responds to changes in the business environment. As of January 31, 2017, the company had 9,626,738 shares outstanding (excluding treasury shares) and 23,674 shares in treasury.
AICHI ELECTRIC CO., LTD. is a Japan-based company principally engaged in the manufacture of electrical equipment such as power transformers. The Company operates its business through two business segments. The Power Equipment segment manufactures and sells transformers and control equipment, and it also undertakes power equipment construction, including construction related to power generation, transformation, transmission and communication. The Rotating Machinery segment manufactures and sells small motors (such as hermetic motors), actuators, shutter switches, and printed wiring boards. The Company is also involved in security services and insurance services.