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Kawasaki Kisen Kaisha rises for third day on 130 billion yen share buyback announcement
Kawasaki Kisen Kaisha, Ltd. <9107> rose for a third straight day. The company announced a share buyback program after the close on May 29. The buyback will be capped at 44.43 million shares (6.96% of outstanding shares excluding treasury stock) or 130 billion yen, whichever comes first, and will be executed through the Tokyo Stock Exchange's off-exchange trading system (ToSTNeT-3) between June 1 and 5. Effissimo Capital Management, a fund affiliated with the former Murakami Fund, and others are expected to participate in the buyback. The move attracted buying as investors welcomed the company's efforts to improve capital efficiency. If the repurchases do not reach either cap via ToSTNeT-3, the company plans to buy additional shares through open-market purchases on the Tokyo Stock Exchange. The company said it plans to cancel the repurchased shares in principle.
Source: MINKABU PRESS
*Translated by generative AI. Click here for the original article.
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