Odawara Engineering Co., Ltd. announces an Equity Buyback for 290,000 shares, representing 4.92% for ?832.01 million.
November 11, 2021 at 02:30 am EST
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Odawara Engineering Co., Ltd. (JASDAQ:6149) announces a share repurchase program. Under the program, the company will repurchase up to 290,000 shares, representing 4.92% of its issued share capital for ?832.01 million. The shares will be repurchased at a price of ?2,869 per share from the shareholder who inherited shares from the Late Takayuki Tsugawa. The purpose of the program is to enable flexible capital policy implementation in response to future changes in the business environment. The program is valid till November 12, 2021. As of September 30, 2021, the company had 5,892,326 shares issued (excluding treasury stock) and 500,410 shares in treasury.
Odawara Engineering Co., Ltd. is a Japan-based company principally engaged in the development, design, manufacture and sales of winding equipment as well as manufacture and sales of household related equipment. The Company operates through two business segments. The Winding Machine segment is engaged in manufacture and sales of winding equipment for motors and coils. The Blowers and Household Equipment segment manufactures and sells household related equipment like small blowers and waterproof lighting equipment, etc.