Suminoe Textile Co., Ltd. announces an Equity Buyback for 600,000 shares, representing 8.46% for ¥1,800 million.
January 11, 2019 at 01:00 am EST
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Suminoe Textile Co., Ltd. (TSE:3501) announces a share repurchase program. Under the program, the company will repurchase 600,000 shares, representing 8.46% of the outstanding shares for ¥1,800 million. The purpose of the program is to implement a flexible capital policy in response to changes in the business environment and to enhance capital efficiency. The program will run until January 14, 2020. As of November 30, 2018, the company had 7,088,122 shares outstanding and 523,270 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. 
