Suminoe Textile Co., Ltd. announces an Equity Buyback for 250,000 shares, representing 3.83% for ¥702.5 million.
January 10, 2020 at 02:30 am EST
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Suminoe Textile Co., Ltd. (TSE:3501) announces a share repurchase program. Under the program, the company will repurchase 250,000 shares, representing 3.83% of the outstanding shares, at ¥2,810 per share for ¥702.5 million. The purpose of the program is to implement a flexible capital policy in response to changes in the business environment and to improve shareholder value. As of November 30, 2019, the company had 6,532,916 shares outstanding and 1,149,246 shares in treasury.
Suminoe Textile Co., Ltd. is a Japan-based company mainly engaged in the manufacture and sale of interior products, automobile interior materials and functional materials. The Company operates through three business segments. The Interior segment is engaged in the manufacture, sale and decoration of carpets, curtains, wallpaper, various flooring materials, among others. The Automobile and Vehicle Interior segment is engaged in the manufacture and sale of interior materials such as automobiles, buses, railway vehicles and aircraft. The Functional Material segment is engaged in the manufacture and sale of hot carpets and deodorant-related products. In addition, the Company is also engaged in test contracting business.
SUMINOE TEXTILE CO., LTD. 
