Rinnai Corporation announces an Equity Buyback for 2,000,000 shares, representing 3.89% for ¥21,780 million.
August 18, 2021 at 03:30 am EDT
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Rinnai Corporation (TSE:5947) announces a share repurchase program. Under the program, the company will repurchase up to 2,000,000 shares, representing 3.89% of its share capital, at ¥10,890 per share for ¥21,780 million. The company will repurchase its shares in order to enhance the return of profits to shareholders by improving capital efficiency. As of July 31, 2021, the company had 51,402,305 shares outstanding (excluding treasury shares) and 218,752 shares in treasury.
RINNAI CORPORATION is a Japan-based company engaged in the manufacture and sale of heating appliances and components. The products and components are manufactured by the company and affiliated companies. In the domestic market, the Company sells directly to customers such as city gas companies, propane fuel sales companies, housing equipment manufacturers, house manufacturers, pipe building material sales companies. The Company manufactures and sells at overseas subsidiaries and affiliates. The Company operates in six businesses, including Japan, the United States, Australia, China, Korea, and Indonesia.
RINNAI CORPORATION 
