Bank of Saga Ltd.'s Equity Buyback in the amount of ¥210 mm has expired
August 13, 2012 at 12:00 am EDT
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The Board of Directors of Bank of Saga Ltd. (TSE:8395) authorized a share repurchase program on February 13, 2012. Under the plan, the company will repurchase up to 1,000,000 shares, representing 0.6% of its outstanding common stock, for a total cost of ¥210 million. The company will make the repurchases in accordance with the Article 165, Clause 3, of Japan's Corporate Law, as interpreted in lieu of Article 156, of Japan's Corporate Law. The purpose of the repurchase program is to conduct shareholder distribution through improvement of capital efficiency. The plan will commence on February 14, 2012 and will continue until August 13, 2012. As of January 31, 2012, the company has 167,826,876 shares outstanding and 3,532,214 shares held in treasury.
Bank of Saga Ltd. (TSE:8395) authorized a share repurchase program expired on August 13, 2012. Under the program, the company repurchased 948,000 shares, representing 0.57% of its shares for ¥209.9 million.
Bank of Saga Ltd is a Japan-based company engaged in businesses related to financial services, including banking, leasing, and credit guarantee services. The Company operates through three segments. The Banking Business segment is engaged in deposit, lending, domestic exchange, foreign exchange, trading of commodity securities, and investment in securities. The Leasing Business segment engages in leasing operations. The Credit Guarantee Business segment is engaged in credit guarantee services. The others business includes information processing services, office work agency services, venture capital services, and regional trading company services.