Morinaga Milk Industry Co., Ltd. (TSE:2264) announces a share repurchase program. Under the program, the company will repurchase up to 2,300,000 shares, representing 5.08% of its total shares outstanding (excluding treasury shares), for a total of ¥10,000 million. The purpose of the program is to improve shareholder returns and improve capital efficiency.

The repurchased shares will be cancelled. The repurchase program is valid till October 31, 2023. As of April 30, 2023, the company had 45,237,847 shares outstanding (excluding treasury shares) and had 2,607,496 shares in treasury.