Sanyo Denki Co., Ltd. announces an Equity Buyback for 1,000,000 shares, representing 1.61% for ¥535 million.
May 24, 2016
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Sanyo Denki Co., Ltd. (TSE:6516) announces a share repurchase program. Under the program, the company will repurchase up to 1,000,000 shares, representing 1.61% of the shares outstanding excluding treasury shares, at a price of ¥535 per share, for a total of ¥535 million. The company will consign the purchases in the Off Auction Own Share Repurchase Trading system (ToSTNeT-3) of the Tokyo Stock Exchange. The purpose of the repurchase program is to implement a flexible capital policy responding to changes in the business environment. Repurchases will be in accordance with the regulations of Article 156 of the Companies Act, which is applied by replacing the regulations of Article 165 Paragraph 3 of the same Act. As of March 31, 2016, the company had 62,103,511 shares outstanding excluding treasury shares and had 2,757,424 shares in treasury.
SANYO DENKI CO., LTD. is a Japan-based company engaged in the production and sale of cooling fans, power supply devices and servomotors. The Company operates through five geographic segments including Japan, North America, Europe, East Asia, Southeast Asia. The Company is engaged in the cooling system business, power system business and servo system business. The cooling system business is engaged in the development, manufacture and sale of cooling fans and cooling systems. The power systems business is engaged in the development, manufacture and sale of uninterruptible power supplies, engine generators and power conditioners for photovoltaic systems. The servo system business is engaged in the development, manufacture and sale of servo motors, stepping motors, encoders, drive units and control systems.