Sumitomo Mitsui Construction Co.,Ltd. announces an Equity Buyback for 2,600,000 shares, representing 1.57% for ¥1,500 million.
May 14, 2018 at 02:00 am EDT
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Sumitomo Mitsui Construction Co.,Ltd. (TSE:1821) announces a share repurchase program. Under the program, the company will repurchase 2,600,000 shares, representing 1.57% of the outstanding shares for ¥1,500 million. The purpose of the program is to enhance capital efficiency and to implement a flexible capital policy in response to changes in the business environment. The program will run until September 28, 2018. As of March 31, 2018, the company had 162,541,720 shares outstanding and 131,601 shares in treasury.
Sumitomo Mitsui Construction Co Ltd is a Japan-based company mainly engaged in the civil engineering and construction work. The Company operates in two business segments. Along with its subsidiaries, the Civil Engineering Work segment is engaged in the design and construction of civil engineering works in domestic markets and overseas markets, include construct prestressed concrete (PC) bridges and other construction projects ordered mainly by government agencies. The Building Work segment is engaged in the design and construction of building works in domestic markets and overseas markets, include high-rise residential buildings and other construction projects ordered mainly by private companies. The Company also operates solar power generation business and related businesses, as well as insurance agency business.
SUMITOMO MITSUI CONSTRUCTION CO.,LTD. 
