Meitec Corporation announces an Equity Buyback for 350,000 shares, representing 1.25% for ¥1,700 million.
June 24, 2019 at 10:30 pm EDT
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Meitec Corporation (TSE:9744) announces a share repurchase program. Under the program, the company will repurchase 350,000 shares, representing 1.25% of the outstanding shares for ¥1,700 million. The purpose of the program is to achieve a return ratio of 80% (dividend payout ratio of 60% and share repurchase of 20%) in line with the profit distribution plan of the mid-term business plan. The program will run until August 30, 2019. As of May 31, 2019, the company had 27,904,793 shares outstanding and 1,395,207 shares in treasury.
Meitec Group Holdings Inc, formerly Meitec Corp, is a Japan-based company mainly engaged in the engineering solutions business and engineer introduction business. The Company operates in two business segments. The Engineering Solutions business segment is engaged in the provision of engineering solution services with a focus on engineer dispatch services. This segment includes high-end engineer dispatching business, middle-range engineer dispatching business, senior engineer dispatching business, registered staffing business whose main customers are the manufacturing industry, and general outsourcing business. The Engineer Introduction business segment is engaged in the employment placement business for engineers.
MEITEC GROUP HOLDINGS INC. 
