Mitsuboshi Belting Ltd. announces an Equity Buyback for 1,300,000 shares, representing 4.3% for ¥2,723.5 million.
November 08, 2019 at 02:00 am EST
Share
Mitsuboshi Belting Ltd. (TSE:5192) announces a share repurchase program. Under the program, the company will repurchase 1,300,000 shares, representing 4.3% of its share capital, at ¥2,095 per share for ¥2,723.5 million. The company will repurchase its shares in order to implement a flexible capital policy in response to changes in the business environment, along with aiming to improve capital efficiency. As of October 31, 2019, the company had 30,254,714 shares outstanding (excluding treasury shares) and 2,349,484 shares in treasury.
Mitsuboshi Belting Ltd. is a Japan-based manufacturing company mainly engaged in the manufacture and sales of belts and construction materials. The Company operates in three business segments along with its subsidiaries. The Domestic Belts segment manufactures and sells belts for automobiles, general industry and transportation use in domestic market. The Overseas Belts segment manufactures and sells belts for automobiles, general industry, office automation (OA) equipment and other use in overseas markets. The Construction Materials segment manufactures and sells waterproof sheets for construction and civil engineering use and related products. The Company also involves in the provision of equipment and machinery, third-party products, engineering structural forms and related services.
MITSUBOSHI BELTING LTD. 
