Kitoku Shinryo Co., Ltd. announces an Equity Buyback for 450,000 shares, representing 5.31% for ¥288.9 million.
April 21, 2017 at 05:03 am EDT
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Kitoku Shinryo Co., Ltd. (JASDAQ:2700) announces a share repurchase program. Under the program, the company will repurchase up to 450,000 shares of its common stock for ¥288.9 million, representing 5.31% of its outstanding shares on April 24. The shares will be repurchased at a price of ¥642 per share. The shares will be repurchased on Tokyo Stock Exchange Off-Auction Own Share Repurchase Trading (ToSTNeT-3). The purpose of the program is to enable the implementation of a flexible capital policy in response to changes in the business environment. As of March 31, 2017, the company had 8,479,312 shares outstanding and 50,688 shares in treasury.
KITOKU SHINRYO CO., LTD. is a Japan-based company mainly engaged in the rice business, the feed business, the chicken egg business and the food business. The Company operates in four business segments. The Rice segment is engaged in the manufacture and sale of general milled rice and rinse-free milled rice for commercial uses and family uses, rice for cooked rice uses, and minimum access rice, as well as the sale of brown rice to wholesalers and retailers. The Feed segment is engaged in the sale of feed products such as rice bran products and imported pastures, and feed raw materials. The Chicken Egg segment is engaged in the sale of eggs for commercial uses and family uses, and processed egg products. The Food segment is engaged in the manufacture and sale of rice flours for confectioneries and processed food products, as well as processed food products and protein-modified rice.
KITOKU SHINRYO CO., LTD. 
