Sundrug Co., Ltd. announces an Equity Buyback for 2,000,000 shares, representing 3.31% for ¥15,000 million.
May 12, 2016 at 02:17 am EDT
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Sundrug Co., Ltd. (TSE:9989) announces a share repurchase program. Under the plan, the company will repurchase 2,000,000 shares, representing 3.31% of its outstanding shares for ¥15,000 million from Iryu Shoji Co., Ltd. The purpose of the program is to enhance the capital policy and to enable the implementation of a flexible capital policy in response to the changes in the business environment. The shares will be repurchased until July 31, 2016. As of March 31, 2016, the company had 67,165,592 outstanding shares including treasury shares and 6,723,440 shares in treasury.
On June 24, 2016, the company announced that the shares will be repurchased at a price of ¥7,470 per share.
SUNDRUG CO., LTD. is a Japan-based company operating in two business segments. The Drug Store segment is primarily engaged in the sale of pharmaceutical products, cosmetic products and sundry goods, among others. The Discount Store segment is primarily engaged in the sale of foodstuffs, household sundry goods, among others.