Mitsubishi Electric Corporation (TOKYO: 6503) announced today that the company’s Board of Directors resolved on August 29, 2024 to repurchase shares of the company’s stock pursuant to the provisions of Article 459, paragraph 1 of the Companies Act, as well as Article 31 of the company’s articles of incorporations, as shown below.
1. Reason for Repurchase of Company Shares
Based on the financial policies of Mitsubishi Electric’s medium-term management plan, the company will repurchase its own stock to primarily enhance shareholder returns, strengthen capital efficiency.
2. Details of Repurchase
|
(1) Type of Shares to Repurchase: |
Common stock |
|
|
(2) Number of Shares to Repurchase: |
20,000,000 shares (maximum unit) |
|
|
(3) Aggregate Value of Repurchase: |
JPY 30 billion (maximum limit) |
|
|
(4) Repurchase Period: |
August 30, 2024-October 31, 2024 |
|
|
(5) Repurchase Method: |
Market trades on Tokyo Stock Exchange |
Note: Part or all of the above-mentioned repurchases might not be performed depending on market conditions and other factors.
|
(For reference) Status of treasury stock as of July 31, 2024 |
||
|
Total number of shares Issued and outstanding |
2,088,228,171 shares |
|
|
Number of treasury stock |
24,973,380 shares |
|
Note: The number of treasury stock includes 1,970,772 shares held through the Board Incentive Plan (BIP) Trust.
For the full text, please visit: www.MitsubishiElectric.com/news/
View source version on businesswire.com: https://www.businesswire.com/news/home/20240828927925/en/