The Board of Directors of Toei Animation Co. Ltd. (JASDAQ:4816) authorized a share repurchase program on October 29, 2012. Under the program, the company will repurchase up to 250,000 shares, representing 1.79% of its shares, for ¥2000 per share, for a total cost of ¥500 million.

The repurchases will be made based on Article 165, Clause 3, of Japan's Corporate Law, as interpreted in lieu of Article 156, of Japan's Corporate Law. The company is repurchasing shares to be able to conduct a flexible capital policy in compliance with changes in business environment and to improve shareholder contribution. The program will run from October 30, 2012 to January 29, 2013.

As of September 30, 2012, the company had 13,999,604 shares outstanding and 396 shares in treasury.