Daiwa Motor Transportation Co., Ltd. announces an Equity Buyback for 1,400,000 shares, representing 14.49% for ¥774.2 million.
June 15, 2016 at 04:29 am EDT
Share
Daiwa Motor Transportation Co., Ltd. (TSE:9082) announces a share repurchase program. Under the program, the company will repurchase 1,400,000 shares, representing 14.49% of the outstanding shares, at ¥553 per share for ¥774.2 million. Shares will be repurchased in the Tokyo Stock Exchange Off-Auction Own Share Repurchase Trading (ToSTNeT-3). Shares will be repurchased from Prospect Asset Management, Inc. The purpose of this program is to enhance capital efficiency and contribute to shareholder returns. The company also intends to use the policy to acquire own shares through purchase for M&As and business tie-ups as part of implementing a flexible capital strategy corresponding to changes in the business environment. As of June 15, 2016, the company had 9,662,458 shares outstanding and 837,542 shares in treasury.
Daiwa Motor Transportation Co., Ltd. is a Japan-based company principally engaged in passenger car transportation business, real estate business, as well as fuel and materials sale business. The Company also develops business activities, such as the sale of automobile meter devices related to each business, as well as the manufacture and sale of metal products. The Company operates in three business segments. Passenger Car Transportation segment is involved in hired car business, operation management business and taxi business. Real Estate segment is involved in the provision of leasing, trading, brokerage, management and cleaning services. Sale segment is involved in the sale of fuel and materials, the manufacture and sale of metal products, as well as the sale and repair of automobile meters.
DAIWA MOTOR TRANSPORTATION CO., LTD. 