Yasunaga Corporation announces an Equity Buyback for 1,826,100 shares, representing 15.26% for ¥1,396.97 million.
August 22, 2023 at 03:00 am EDT
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Yasunaga Corporation (TSE:7271) announces a share repurchase program. Under the program, the company will repurchase up to 1,826,100 shares, representing 15.26% of its issued share capital (excluding treasury stock), for ¥1,396.97 million. The shares will be repurchased at a price lesser of ¥765 yen per share and 10% discount to the closing price of the company's common stock on the Tokyo Stock Exchange Prime Market on the business day immediately preceding the final determination date of the Tender Offer Price (July 25, 2023). The purpose of the program is to enable the execution of a flexible capital policy that responds to changes in the business environment. The funds required for the offer will be appropriated from funds procured through borrowings. The repurchased shares will be resold. If the total number of shares tendered exceeds the planned number of shares to be purchased, all or part of the excess portion will not be purchased. The program will run until September 25, 2023. As of August 22, 2023, the company had 11,963,330 shares in issue (excluding treasury stock) and 975,309 shares in treasury.
On August 25, 2023, the company has announced the tender offer price of ¥715 yen per share at 10% discount from the closing price on the August 24, 2023.
YASUNAGA CORPORATION is a Japan-based company mainly engaged in the development and sale of engine parts, machinery and environmental equipment, as well as related businesses. The Company operates in three business segments. The Engine Parts segment is engaged in the manufacture and sale of engine parts for automobiles. The Machinery and Equipment segment is engaged in the manufacture and sale of machine tools, wire saws, inspection and measurement equipment, among others. The Environmental Equipment segment is engaged in the manufacture and sale of air pumps and disposers. The Company is also engaged in the transportation, building maintenance, factory cleaning, employee meals, and rental of welfare equipment business.