Kawai Musical Instruments Manufacturing Co., Ltd. (TSE:7952) announces a share repurchase program. Under the program, the company will repurchase 320,000 shares, representing 3.59% of the outstanding shares, at ¥2,499 per share for up to ¥800 million. Shares will be repurchased from Samick Musical Instruments Co., Ltd. (KOSE:A002450).

The purpose of the program is to implement a flexible capital policy in response to changes in the business environment, enhance capital efficiency and improve shareholder returns. As of September 30, 2017, the company had 8,915,601 shares outstanding and 95,959 shares in treasury.