AKAO Co.,Ltd closed an Equity Buyback in the amount of ¥606.96 mm
August 10, 2012 at 12:00 am EDT
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The Board of Directors of AKAO Co.,Ltd authorized a share repurchase program on August 3, 2012. Under the plan, the company will repurchase up to 360,000 shares, representing 36% of its issued share capital, at a price of ¥1,686 per share, for a total cost of ¥606.96 million. The company will repurchase these shares from Ashimori Industry Co., Ltd. (TSE:3526). After the closing of the transaction, Ashimori Industry will hold no shares in the company. In order to make the held assets efficient and effective, Ashimori Industry decided to sell the shares to the company. The company will transfer the shares on August 10, 2012.
AKAO Co.,Ltd completed its share repurchase program on August 10, 2012.
Ashimori Industry Co., Ltd. is a Japan-based company mainly engaged in the manufacture and sale of automotive safety parts and functional products. The Company operates in two business segments. The Automotive Safety Parts segment is engaged in the manufacture and sale of automotive seat belts, air-bags, rear compartment covers, electric rear sunshades and others. The Functional Products segment is engaged in the provision of high capacity material fabrics, synthetic fiber ropes, narrow fabrics, fire hoses, fire hydrant hoses, industrial hoses, disaster prevention supplies, pipe repair hoses and construction work, and other related materials. The Company is also engaged in the real estate leasing business.
ASHIMORI INDUSTRY CO., LTD. 
